April 14, 2021

The number of mortgages reaches 34,883 and returns to positive territory in May after rising 11%


The number of mortgages constituted on dwellings registered in the property records It has reached 34,883 last May, 11.2% higher than in the same month of 2018, as reported on Friday by the National Institute of Statistics (INE), which recalls that the data in this statistic come from public deeds previously made.

With this year-on-year advance, the housing mortgage firm hhas returned to positive territory after a slight correction of 0.1% in April. According to the data released by the INE, the average amount of home mortgages has risen 5% compared to May 2018, to 124,131 euros, while the borrowed capital rose 16.8% year-on-year, up to touch the 4,330 million euros.

In monthly terms (May over April), the number of home mortgages hadvanced by 20.2%, while the capital borrowed for this type of mortgage has risen by 19.6%. In both cases it is the biggest rise in this month since 2017.

Andalusia, Catalonia and Madrid, at the head

The communities with the highest number of mortgages constituted on housing in May were Andalusia (6,572), Catalonia (6,042) and Madrid (5,816). The highest annual variation rates have occurred in Castilla y León (+ 40.2%), Baleares (+ 29.5%) and Extremadura (+ 29.1%). Mortgages on homes only decreased in the Canary Islands (-37.2%) and Navarra (-11.3%).

The average interest rate for home mortgage loanss reached 2.62% last May, compared to 2.61% a year earlier, with an average term of 24 years.

57.4% of home mortgages have been set up at a variable rate, in contrast to 42.6% that was signed at a fixed rate. The average interest rate at the beginning for mortgages on variable-rate housing stood at 2.34%, compared to 3.10% for fixed-rate mortgages. Fixed-rate mortgages grew 12.6% year-on-year.

The mortgaged farms rise

According to the data of the statistical agency, during the fifth month of the year 48,241 mortgages have been constituted on rural and urban farms (These include homes), a figure that represents a 12.6% increase compared to May 2018.

The capital of the mortgage loans granted has risen 18.8% compared to the same month of 2018, up to 7,037.3 million euros, while the average amount of mortgages constituted on total farms amounted to 145,879 euros, 5.4% more.

The average interest rate at the beginning for total farms se has reached 2.54%, with an average term of 23 years. For variable rate mortgages, which represent 60.6% of the total, the average interest rate was 2.20% at the beginning, while it stood at 3.25% for fixed rate.

Changes in conditions

As for mortgages with registration changes, have added 6,210 in May, 9.4% less than in the same month of 2018. Following the kind of changes in conditions, in May there have been 5,353 novations (or modifications produced for the same financial purpose), with a year-on-year decrease of 1.5%.

The number of operations that have changed entities (subrogations to the creditor) has fallen 32.3%, while the number of mortgages in which the owner of the mortgaged property (subrogations to the debtor) changed decreased by 54%.

Of the 6,210 mortgages that changed their conditions last May, 35.2% were due to changes in interest rates. After the change of conditions, the percentage of fixed-interest mortgages has risen from 9.8% to 18.4% and that of mortgages at variable interest fell from 89.3% to 80.7%.

The euribor It is the type to which most mortgages are referenced at a variable rate both before the change (77.6%) and after (74.8%). After the modification of conditions, the average interest rate on fixed-rate mortgages fell 1.2 points, while that of variable rate loans declined nine tenths.

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