They were less than the previous month, but the highest in almost a decade. Last July, 29,287 home mortgages were created according to INE data obtained from property registers throughout Spain. The figure is 4.3% lower than the volume of June, but 14.6% higher than that of a year ago. And in what they grew, both in the monthly comparison and in the year, was in the amount. The average value of mortgages for homes last July stood at 125,120 euros. Since December 2008, when it exceeded 132,000 euros, it was not recorded as high.
The increase in the amounts is constant, with small ups and downs, since 2013, when the mortgages to buy house reached its lowest level. And while housing prices do not stop rising, loans are also doing so, albeit at a more moderate pace. The 125,120 euros that, on average, show the data of July are 1% more than in June of this year and 2.1% more than the average of July of 2017.
Four out of ten mortgages that were signed in July were at a fixed rate (40.1%). Although they are still a minority compared to 59.9% of variable interest mortgages, the fixed rate does not stop conquering market share in recent times. The July 2018 figure represents an annual growth of 14.5%. And the evolution is more appreciated by extending the statistical series: in July 2015, not even one in ten holders of new mortgages opted for fixed interest. Although these are still more expensive, the fear of a rise in the Euribor causes more and more mortgaged choose to keep the rate stable.
By Autonomous Communities, Madrid (with 5,713), Andalucía (5,382) and Cataluña (5,120) lead the total volume of mortgages constituted on housing. However, the greatest year-on-year growth was recorded in Extremadura (38.9%), followed by Comunidad Valenciana and La Rioja, which rose by 28.1% in both cases. All the communities except three (Aragón, Baleares and País Vasco) improved the data registered twelve months earlier. Aragón was the one experiencing the greatest decrease, 24%.
The data collected by the INE also offers the total number of mortgages constituted in Spain (adding up the total of those constituted on urban farms, either for housing or other uses, and that of rural properties). In this case, the total volume of new mortgages was 40,500, 3.4% in June and 14.7% more than in July 2017. The average amount of all of them stood at 137,766 euros, 0.6% less than a year before.