2023-08-31 20:19:09
The number of mortgages constituted on homes in the month of June was 33,478 loans, which means that dropped 21.9% with respect to the same month of 2022. These had a average interest rate which continued to rise and reached the 3,19%, its highest figure since April 2017, with an average term of 24 years. Thus, it is the third consecutive month in which the interest rate exceeds 3% and, compared to a year ago, the average interest rate for housing loans has grown by 1.37 points and has reached its level highest in over six years. This is reflected by data released this Thursday by the National Institute of Statistics (INE).
With the year-on-year decline in June, the home mortgage firm chains five months of negative ratesalthough that of June has moderated by almost two points compared to that registered in May, when it registered a decrease of 24%.
He average amount of mortgages constituted on homes down 0.7% year-on-year in the sixth month of the year, up to 143.796 euroswhile the loaned capital decreased by 22.5%, to 4,814 million euros.
Thus, in the first half of 2023, the number of mortgages to buy a home has been reduced by 13.7%, and the capital lent for it, by 15%.
60% of mortgages signed were at a fixed rate
In June, the 40% of mortgages on homes were constituted last June at variable ratethe highest percentage since April 2021, while the 60% were signed at a fixed rate. The average interest rate at the beginning was 2.84% for variable-rate home mortgages and 3.45% in the case of fixed-rate ones.
For years, variable-rate mortgages have dominated the market, although since 2015 fixed-rate mortgages have been gaining ground until they represented 75% of new loans signed in June 2022. Since then -and coinciding with with the rise of the Euribor-, variable mortgages are gaining ground again.
Novations drop 30% and entity changes increase
In June a total of 11,176 mortgages to change the conditions registered in the property registers, which represents a decrease of 24.9% compared to those of June 2022.
Of all of them, 8,633 were novations (which imply a change in conditions with the same financial entity), with an annual decrease of 30.6%, while the number of operations that change entity (subrogations to the creditor) increased by 8.6%. The number of mortgages in which the owner of the mortgaged asset changes (subrogations to the debtor) fell by 9.7%.
In addition, of the 11,176 mortgages with changes in their conditions, the 40.3% was to modify interest rates. After these changes, the percentage of fixed interest mortgages increases from 14.5% to 39.5%, while that of variable interest mortgages decreases from 84.5% to 59.3%. The Euribor is the rate to which the highest percentage of variable-rate mortgages refer, both before the change (81.1%) and after (57.8%).
After the modification of conditions, the average interest on loans on variable-rate mortgages increases 0.3 points and that of fixed-rate mortgages increases 0.2 points.
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