Last March, 36,182 mortgages were signed in Spain for the purchase of homes, 15.7% less than in the same month of 2022, the largest decrease since January 2021, according to data published this Friday by the National Institute of Statistics (INE).
The fixed interest rate continued to exceed the variable in the new mortgage production and was the option chosen in 63.9% of the cases, although the percentage is decreasing and that of March was the lowest since June 2021.
This means that 36.1% of the mortgages were requested at a variable rate.
The average interest at which the mortgages were granted, 2.99%, was also the highest in almost six years, since April 2017, the data added.
The interest on fixed loans was 3.15%, the most expensive since April 2018, and that of variables stood at 2.72%.
The average amount of mortgages on homes was 142,663 euros, 1.5% lower than a year earlier, while the capital lent by entities for this purpose stood at 5,161.9 million euros, 17% less also compared year-on-year.
This means that in the first quarter of this year, home mortgages fell by 5.6% and the capital lent by financial institutions to set them up fell by 5.4%.
Returning to the data for March, a total of 47,459 mortgages were granted on all types of properties -rustic, urban and homes-, almost 17% less than a year earlier, but again 1.1% more than in February.
THE CHANGES IN THE REGISTRY CONTINUE TO FALL
The total number of mortgages that modified their conditions in March in the property registries fell by 14.7% and stood at 14,176, and of these, 11,399 were novations (modifications with the same financial institution), which fell by 16, 4% YoY.
On the other hand, the number of operations in which the mortgage changes entity (subrogations to the creditor) decreased by 8.1%, while the number of mortgages in which the owner of the mortgaged asset changes (subrogations to the debtor) fell 3.1%.
Likewise, 32.1% of all these registry modifications were due to changes in interest rates, after which the percentage of fixed-rate mortgages increased from 13% to 40.2%, while that of mortgages at Variable interest decreased from 85.6% to 58%.
The Euribor remained the rate to which the highest percentage of variable mortgages was referenced, both before the change (81%) and after (54.8%).
After the modification of conditions, the average interest on loans on variable-rate mortgages rose 0.1 points and that on fixed-rate mortgages increased 0.1 points.
MORE MORTGAGES IN ANDALUSIA, CATALONIA AND MADRID
The Communities with the highest number of mortgages constituted on homes in February were once again Andalucía (7,280), Cataluña (6,467) and Comunidad de Madrid (5,515).
The same, but in a different order, were the communities in which more capital was lent for the constitution of these loans: Madrid (1,200.2 million euros), Catalonia (1,050.4 million) and Andalusia (879.5 million). .
Asturias was the only community that registered an interannual increase in March, of 0.8%, in the number of mortgages on homes.
On the contrary, those with the greatest decreases were the Balearic Islands, with 31%, Comunidad de Madrid (23.7%) and Castilla La Mancha (22.1%).
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