The home mortgage firm fell 29.6% year-on-year in September, to 31,054 loans, the largest decrease since January 2021 and the seventh consecutive double-digit fall, a consequence of the increase in the interest rates charged for these loans.
In fact, the average interest applied by entities to new mortgages on homes rose to its highest level since January 2016, 3.26%, more than one percentage point more than a year before, according to data published this Tuesday by the National Institute of Statistics (INE).
56.2% of home mortgages signed in September were with a fixed interest rate, the lowest percentage since March 2021, while 43.8% of these loans were referenced to an interest rate variable (which includes mixed mortgages).
Likewise, the average amount of these loans remained practically at the same levels as a year before, at 143,186 euros, and fell only 0.1%, although it increased 3.6% compared to the previous month.
The capital lent in September by entities to purchase housing also fell by almost 30% year-on-year, to 4,446.5 million euros, its sixth consecutive drop of more than 20%, which however rose by 13.5% compared to the previous month.
In total, the value of mortgages constituted on urban properties, not just homes, reached 7,050.1 million euros, 23.4% less than a year before.
Fewer changes in mortgage conditions
The total number of mortgages with changes in their conditions registered in the property registries (both on homes and on rural or urban properties) was 9,983, 9.6% less than in September 2022.
Taking into account the type of change in conditions, in September there were 7,842 novations (or modifications agreed with the same financial institution), with an annual decrease of 10.6%.
For its part, the number of operations that changed the entity (subrogations to the creditor) increased by 5.8%, while the number of mortgages in which the owner of the mortgaged asset changed (subrogations to the debtor) fell by 37.1%.
45.5% of the 9,983 mortgages that modified their conditions agreed to changes in interest rates, after which, the percentage of fixed-interest loans increased from 13.1% to 36.6%, while that of fixed-interest mortgages variable interest decreased from 85.9% to 62.4%.
The Euribor remained the reference for most variable rate mortgages, both before the change (82.4%) and after (60.7%).
After the modification of conditions, the average interest on loans on variable rate mortgages increased 0.2 points and that on fixed rate mortgages rose 0.5 points.
Andalusia, Madrid and Catalonia lead the mortgage signing
The communities with the highest number of mortgages established on homes in September were Andalusia (5,900), Comunidad de Madrid (5,854) and Cataluña (5,291).
Likewise, the communities in which the most capital was lent for the creation of mortgages on homes were Madrid (1,117.2 million euros), Catalonia (871.0 million) and Andalusia (759.0 million).
All autonomous communities presented year-on-year decreases in borrowed capital, led by Murcia (49.5%), Galicia (40.5%) and Principality of Asturias (40.1%).
2023-11-28 16:34:18
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