May 18, 2021

The mortgage firm shoots up 9.5% in September exceeding 32,000 contracts

The mortgage firm shoots up 9.5% in September exceeding 32,000 contracts


MadridUpdated:

The signing of new mortgages for the purchase of a home it has grown again in September compared to the previous year, by 9.5%, and also did it with respect to the previous month, almost 13%, until the 32,457 contracts, 40.1% of which was formalized with reference to a fixed interest rate.

According to data published today by the National Institute of Statistics (INE), the average amount of mortgages registered that month in the property registers was 127,732 euros, 4.1% higher than that corresponding to September 2017 and 4.3% more than in August. In total, the capital that Spanish companies have lent the ninth month of the year to their customers to acquire a home reached 4,145.8 million euros, 14% more than a year before and almost 18% more than the previous month .

For the acquisition of all types of farms -Rural, urban and residential-, financial institutions have lent 6,573.7 million euros, 15.4% more than a year ago and 16.7% more than the previous month. The average amount of all those registered contracts, coming from public deeds made previously, was 148,956 euros, 6.6% higher than in the same month of 2017.

If the nature of the farm is taken into account, the mortgages constituted on housing they have concentrated 63.1% of the total capital that was lent in September. As for the interest rate used in these contracts, for those constituted on the total of farms, the average rate at the beginning was 2.64%, 1.5% less than a year earlier, and the average period was 23 years. 61.6% of mortgages for any purpose have been signed with a variable interest rate, and 38.4%, with a fixed rate.

In the mortgages constituted on housing, the average interest rate was 2.59%, 8.3% less than the same month of 2017, and the average term, 24 years, according to these data, which added that 59.9% of these loans were referenced at a variable rate, and 40.1% at a fixed rate, a 16.7% increase year-on-year.

Changes in conditions

The total number of mortgages with changes in their conditions registered in the property records was 5,739, almost 16% less than a year before and in homes, the number of mortgages that modified their conditions fell by 15.5%.

Of all those contracts that registered changes, 42.4% modified their interest rates, after which the percentage of mortgages that happened to have a fixed interest rose from 11.1% to 25.4%. The Euribor it is the rate to which the highest percentage of mortgages at a variable rate is referenced, both before the change (76.9%) and after (69.3%).

Autonomous communities

By Autonomous Communities, those that had the largest number of mortgages constituted on housing in September were Madrid (6,530), Andalusia (6,282) and Catalonia (5,246).

The communities that registered the highest annual percentages of variation were La Rioja (67.4%); Extremadura (34.4%) and Principality of Asturias (26.7%), whereas those in which more capital was lent for the constitution of mortgages on homes were Madrid (1,219.5 million euros); Catalonia (758.9 million) and Andalusia (654.5 million).

The highest interannual variation rates in the number of mortgages on housing have corresponded this time to Valencian Community (32.5%); Madrid (30.6%) and Murcia (21.5%), and the highest negative rates were registered in the Canary Islands (-23.1%); Extremadura (-15.9%) and Navarra (-13.2%).

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