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The number of mortgages constituted on dwellings increased by 29.4% last January compared to the same month of 2021, up to 36,185 loans. However, despite exceeding the figure of a before, the volume of mortgaged homes in January of this year has remained below the more than 40,000 that were signed in January 2020, before the pandemic.
According to the data released this Monday by the National Institute of Statistics (INE), with the advance of January, which is more than six times higher than that registered in December, the home mortgage firm has chained eleven months of consecutive year-on-year increases.
The average amount of mortgages constituted on homes increased by 9.5% year-on-year at the start of the year, to 141,427 euros, while the borrowed capital grew by 41.7%, to 5,117.5 million euros, its highest figure in a month of January from the year 2011.
By autonomous communities, those that registered a greater number of mortgages constituted on homes in January 2022 were Andalusia (7,644), Madrid (6,063), Catalonia (5,833) and the Valencian Community (4,050).
Likewise, the regions in which the most capital was lent for the constitution of mortgages on homes were Madrid (1,268.7 million euros), Andalusia (976.6 million) and Catalonia (953.5 million).
Fixed-rate mortgage record
In all communities, more mortgages on homes were signed in January than in the same month of 2021 except in Navarra, where they fell by 26.7%. In contrast, the communities with the highest year-on-year growth were Asturias (+51.7%), La Rioja (+51.3%), Comunidad Valenciana (+42.6%) and Andalucía (+37%).
In intermonthly rate (January 2022 over December 2021), home mortgages rose 10%, while the borrowed capital increased by 6.9%. Both data improve the monthly records for January 2021, but not those for 2020.
In the first month of the year, the average interest rate for all mortgage loans stood at 2.59%, with an average term of 23 years. In the case of homes, the average interest rate was 2.54%, above the 2.44% of a year before, with an average term of 24 years.
29.6% of home mortgages were arranged last January at a variable rate, while 70.4% were signed at a fixed rate, the highest percentage in the historical series.
The average interest rate at the beginning was 2.21% for home mortgages at a variable rate and 2.69% for fixed rate mortgages.
mortgaged farms
According to data from the statistical agency, the number of mortgages on rural and urban properties (housing is included within the latter) increased 25.7% in January 2022 compared to the same month of 2021, up to a total of 46,946 loans.
The capital of mortgage loans granted increased by 35.1% in the first month of the year, to exceed 7,161.4 million euros, while the average amount of mortgages constituted on all properties rose by 7.5 % and added 152,547 euros.
Last January, a total of 14,695 mortgages changed their conditions, a figure 32.1% lower than that of the same month of 2021.
Considering the type of change in the conditions, there were 12,225 novations (or modifications produced with the same financial entity), with an annual decrease of 31.9%.
The number of operations that changed entity (subrogations to the creditor) was 1,730, 40.1% less than in January 2021. For its part, in 740 mortgages the owner of the mortgaged asset changed (subrogations to the debtor), 7 % less than a year before.
Of the 14,695 mortgages with changes in their conditions, 23% are due to changes in interest rates. After the change of conditions, the percentage of fixed rate mortgages increased from 20.2% to 45.2%while that of variable interest mortgages decreased from 79% to 52.1%.
The Euribor is the rate to which the highest percentage of variable-rate mortgages refer, both before the change (71.2%) and after (48.4%).
After the modification of conditions, the average interest on loans in fixed-rate mortgages decreased by 0.6 points and that of variable-rate mortgages fell by 0.2 points.