The number of mortgage loans for housing sank 44.8% in the month of September in the Region compared to the same month last year, well above the national average drop, which was 29.6%. The Region was the community with the largest decrease in mortgages last month.
In Spain, a total of 31,054 mortgages were created, with an average interest rate that continued to rise, reaching 3.26%, its highest figure since February 2016, according to data published yesterday by the National Institute of Statistics (INE). ).
There have already been eight consecutive months of falls in the number of mortgages and the trend is accentuated, since the national decrease in September has been greater than that registered in August (-22.7%). Due to this collapse in mortgages granted, the total volume of loaned capital fell by 29.7% in September to 4,446 million euros, although the average amount of mortgages in Spain remains around 143,000 euros (it only fell 0.1% and stood at 143,186 euros).
The reasons for this contraction in mortgage contracts are found in the sharp rise in rates, the high prices of apartments and economic uncertainty. Due to the policy of raising interest rates of the European Central Bank (ECB) to try to contain inflation, the average interest rate for all mortgage loans stood at 3.42% in September, with an average term of 23 years. In the case of homes, the average interest was 3.26%, its highest value since February 2016, with an average term of 24 years. Compared to a year earlier, the average interest rate for home loans has increased by 1.26 points. It is the sixth consecutive month in which the average interest rate exceeds 3%.
Trend towards mixed
As rates are cheaper in the long term than in the short term, the tendency to take out mixed mortgages continues (the first years at a fixed rate and the rest at a variable rate), to the detriment of fixed mortgages.
In the Region, 72.1 million euros were lent for the creation of mortgages on homes in September, 49.5% less than a year ago. Compared to the previous month, the capital borrowed to establish mortgages fell by 14.6%. Out of the total number of properties, a total of 1,222 mortgages were established.
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