According to the data released this Friday by the National Institute of Statistics (INE), the increase registered in the Islands is the second highest in the country after those of La Rioja, Canarias and Aragón.
According to the monthly variation, the index has risen 17.2% in the Islands. Thus, the borrowed capital grew by 94.9% year-on-year in the Islands, to 270 million euros; while the monthly rise was 52.2%.
Nationally, the number of Mortgages constituted on homes increased by 18% last March compared to the same month of 2021, to add 43,378 loans, the highest figure since February 2011 and the highest in a month of March since 2010, when more than 54,000 mortgages were signed.
With the advance of March, which increases by more than three points that registered in February, the home mortgage firm has chained 13 consecutive months of year-on-year increases.
The average amount of mortgages constituted on homes increased by 6.5% year-on-year in the third month of the year, to 145,715 euros, while the capital loaned grew by 25.6%, to 6,320.8 million euros, its highest figure since February 2020, just before the Covid pandemic was declared.
In all communities signed more mortgages on homes in March than in the same month of 2021, except in Galicia, where they fell by 3.9%. The greatest increases occurred in La Rioja (+55.2%), Aragón (+51.4%), Canarias (+37.6%) and Baleares (+36.8%), and the most moderate were registered in Valencian Community (+2.6%) and Asturias (+3.9%).
In the first quarter of the year the number of mortgages to buy a home has increased by 20.2%, while the borrowed capital has risen 29.4%.
MORTGAGES ON HOMES RISE 18.7% IN THE MONTH
On a month-on-month basis (March over February), home mortgages soared 18.7%, while borrowed capital increased 22%. In both cases they are their biggest rises in a month of March in the last five years.
In the third month of the year, the average interest rate for the total mortgage loans stood at 2.56%, with an average term of 24 years. In the case of homes, the average interest rate was 2.53%, above the 2.47% of a year before, with an average term of 25 years.
27.3% of home mortgages were constituted last March to floating Rate, while 72.7% were signed at a fixed rate, one of the highest values in the series (in February this percentage reached a historical maximum of 73.8%). With March, there are already three consecutive months in which the mortgages that are subscribed at a fixed rate exceed 70%.
The average interest rate at the beginning was 2.15% for home mortgages at a variable rate and 2.68% in the case of fixed rates.
THE TOTAL OF MORTGAGED PROPERTIES RISES ALMOST 17%
According to data from the statistical agency, the number of mortgages on rural and urban properties (within the latter, housing is included) increased by 16.7% in March 2022 compared to the same month in 2021, to a total of 57,760 loans.
The capital of mortgage loans granted increased by 20.1% in the third month of the year, to exceed 8,907 million euros, while the average amount of mortgages constituted on all properties rose by 2.9% and totaled 154,223 euros.
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