2023-07-25 02:32:58
The interest on new mortgages, especially the new fixed ones, has not stopped growing since the eurybor began its vertiginous upward path, 17 months ago. However, the interests are very different depending on the autonomous community in which the loan is signed. Navarra, Murcia y Asturias they are the cheapest.
Las fixed mortgages They have experienced a sharp increase in cost over the last year due to the rise in interest rates and, specifically, the 12-month Euribor. At the moment, the average interest rate at which fixed mortgages are being granted is 3.4%, according to the latest data available from the National Statistics Institute (INE), corresponding to May. In February of last year, when the index began to rise, this level was at 1.76%.
By region, the Comunidad Foral de Navarra registered the lowest interest on fixed mortgages, with 2.35%, followed by the Principality of Asturias (2.45%) and the Region of Murcia (2.53%), according to iSavings in his last Analysis of the Spanish mortgage marketwith June data collected from the offers obtained by its customers.
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In these communities, average rates below 3% are still achieved, as in Galicia (2.63%), the Community of Madrid (2,71%), Andalusia (2.75%), Islands baleares (2.71%), Community Valencian (2,85%) y Catalonia (2,88%).
On the contrary, Castilla la Mancha registers the highest average interest, with 3.63%, which is more than one percentage point above the figure for Navarra. Canary Islands (3,31%), Basque Country (3,25%) y Castile and Leon (3%) are also among the autonomous communities where it is more expensive to sign a mortgage.
Miscellaneous reasons
There are different reasons behind this gap, since in each territory the interest that banks have in attracting customers and granting them mortgages is different. The most relevant factors to take into account are the income of citizens, the prices of houses in each region and the presence of each type of entity in each community.
“There are banks that always prefer to grant mortgages in certain places and, to achieve this, in those places they make the loan conditions more flexible so that the client can get better conditions,” iAhorro sources explain to this newspaper.
In the case of Navarra, where the average interest rate is lower, the market is divided between Rural Bank of Navarre, CaixaBank -which integrated the old Navarre Box– y Kutxabank“That’s why mortgage interest rates are lower,” they add from the financial comparator.
In addition, in this autonomous community the purchasing power of the population is above average, so the level of savings that its citizens can provide when buying a home with a mortgage is also higher. Something that influences the interest offered by banks when granting it.
And each autonomous community has its particularities. “In Murcia, a lot of foreign citizens buy, especially in coastal areas, who, likewise, advance a lot on the mortgage at the beginning. And in Asturias, it is surely due to the fact that house prices are lower, especially in inland areas, where there is more supply than demand,” they add from iAhorro.
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