Home » Business » The mortgage firm falls 29.6% year-on-year in September and rates rise to 3.26%

The mortgage firm falls 29.6% year-on-year in September and rates rise to 3.26%

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.

2023-11-28 16:34:18
#mortgage #firm #falls #yearonyear #September #rates #rise

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.