Mortgages in Spain are cheaper than ever: average low for the first time of 2.6%
The mortgage market increasingly leaves the crisis behind. And it is that the concession of loans for the purchase of house, the average amount and the average interest rate that the hypothecated ones continue to grow.
According to INE data, 29,287 mortgages were signed in July, which represents an interannual increase of 14.6%. In the accumulated of the fiscal year (January-July), the rebound is around 10.2%.
Fernando Encinar, head of studies of idealist, ensures that "the data of July regains the vigor of the beginning of the year, after a couple of months of minor growths. Fixed rates are consolidated at around 40% of new loans, and strong competition between banks continues to put pressure on the rates at which loans are granted, marking a historical minimum in fixed-rate mortgages, and the lowest level in mortgages. more than 10 years in variable mortgages. "
However, the most important data are the new historical minimum that has marked the average interest rate of mortgages and that the average amount of them continues at 2008 highs, as a result of the rise in housing prices.
In particular, the average interest rate has fallen for the first time of 2.6%, to stand at 2.59%. A year before it stood at 2.76%. Until April 2014, the average rate did not fall below 4%. However, these minimums coincide with the change in trend of the Euribor, which for the first time in four years will once again make variable-rate mortgages more expensive.
In the case of the average amount of loans, the latest data argue that, on average, banks granted 125,120 euros for the purchase of housing, 2.1% more than in July last year. As in June, the volume is at its highest since December 2008, as a result of higher housing prices. The average term is currently 24 years.
On the other hand, fixed mortgages remain stable compared to previous months and account for around 38% of operations.
Results by CCAA
The communities with the largest number of mortgages constituted on housing in July are Madrid (5,713), Andalucía (5,382) and Cataluña (5,120), and they also provide the most capital. In contrast, the communities with the highest annual variation rates are Extremadura (38.9%), Comunidad Valenciana and La Rioja (both with 28.1%).
Compared to June, the regions with the highest monthly variation rates in the number of mortgages on homes are La Rioja (57.2%), Asturias (11.9%) and the Balearic Islands (11.5%). On the other hand, Extremadura (-25.8%), Aragón (-23.7%) and Navarra (-18.1%) present the most negative monthly variation rates.
(source INE)
