“Mortgages were very cheap and they are not going to return to those prices”With that harsh and direct phrase, Bayteca presents itself, a mortgage consultancy with the interest of offering the best mortgage offer to its clients, although I would not like to focus on them but on the statement in question since it represents a new reality to which we We will have to get used to it after a long period (almost forgotten) of interest rates below zero.
The evolution of average interest on mortgages during these last two years has been spectacular, in January 2022 it was 1.85% and according to the latest available data offered by the INE, in November 2023 the interest rose to 3.32 %. Federico Muñoz, general manager of Bayteca in Spain, assures that the reality is that they were “very cheap and still are compared to the rest of the world.” Muñoz assures that they are going to lower the price, but “they are not going to return to the prices from before,” but rather they will stabilize in the range of 2-3%.
Gone are the days when even We were wondering here if fixed mortgages could offer 0% interest As was already happening in Denmark, we wrote this a little less than three years ago.
Banks no longer want to keep your money, they want to lend it to you and mortgages have become one of the few profitable products and clients with good profiles and great financial solvency will see historic offers, who knows if 0.5% for a term of no more 20 years old, yes, always “linking” closely with the bank by taking out insurance, direct debiting payroll and using bank credit cards. Nothing is free, not even a 0% mortgage.
Unfortunately, the evolution of the Euribor, weighed down by the increase in interest rates, has returned us to a scenario in which some fixed mortgages exceeded 5% interest.
2024-01-08 17:03:55
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