The home mortgage firm has been falling for nine consecutive months, with one October in which it plummeted again: 22.3% year-on-year.
While in September the drop was 29.6% year-on-year, in the tenth month of the year the drop moderated although it was equally intense.
Meanwhile, the average interest rate increased again, reaching 3.32%, its highest level since December 2015.
Specifically, according to Mortgage Statistics data from the National Statistics Institute (INE), the number of mortgage loans fell to 31,921 operations.
At the same time, the average amount of mortgages on homes also decreased by 5.3% year-on-year, to 140,564 euros.
In turn, the borrowed capital was reduced by 26.4%, reaching almost 4,487 million euros. Therefore, sixth consecutive month of negative rates greater than 20%.
Furthermore, the average interest rate for all mortgage loans stood at 3.70% in the tenth month of the year.
This is its highest value since 2014, with an average term of 23 years.
Thus, for homes, the average interest rose to 3.32%, being its highest figure since December 2015, with an average term of 24 years.
Therefore, the average interest rate for this type of mortgage loans has increased by 1.18% year-on-year. Furthermore, it is the seventh consecutive month with the interest rate above 3%.
Likewise, 45% of home mortgage firms subscribed to a variable rate, compared to 55% that subscribed to a fixed rate.
Likewise, the average initial rate for home mortgage loans was 3.55% for the variable rate and 3.85% for the fixed rate.
Mortgages on houses on an intermonthly basis
In monthly terms (October over September), the number of home loan firms grew by 2.8% and the capital lent grew by 0.9%. These are their largest increases in an October since 2020.
On the other hand, in the first ten months of 2023, the figure for this type of loan has been reduced by 17.7%.
Likewise, the capital lent has decreased by 19.4%, the same as the average amount, which fell by 2.1%.
On the other hand, 12,212 mortgages changed their conditions, which represents 20.5% more year-on-year. Of them, 44.4% modified interest rates.
In this way, the percentage of mortgages that became fixed rates increased from 11.6% to 29.4%. In turn, variable rate loans decreased from 87.4% to 69.9%.
Now, the Euribor continues to be the reference for 51.4% of variable rate loans, compared to 67.3% before.
According to the type of change in conditions, 9,937 novations were carried out (with the same financial institution), thus growing 19% year-on-year.
In addition, there were 1,809 subrogations to the creditor (change of entity), which represents an increase of 30.9% compared to the same month in 2022.
Likewise, 466 mortgages changed owners (subrogation to the debtor), 13.9% more than a year ago.
Once the modifications to the conditions were made, the average interest at the variable rate increased by 0.9%, compared to the increase of 0.1% at the fixed rate.
2023-12-22 23:08:08
#mortgage #firm #plummeted #October
