• Sat. May 25th, 2024

Rising Home Mortgage Rates in Spain: A Closer Look at the Latest Figures

BySamantha Nguyen

Mar 27, 2024
Spain | Mortgage rates decrease by 10% at the start of the year, reaching nearly decade-high interest levels

The Spanish mortgage market started the year with a 10% drop compared to January 2024, reaching 33,128 loans, according to data from the National Institute of Statistics (INE) published this Tuesday. Despite this decline, the focus is on the average interest rate, which continues to rise and is now at 3.46%, its highest figure since December 2014.

The year-on-year drop in January means that the home mortgage firm has now experienced 12 consecutive months of negative rates, though this decline is less pronounced than the previous month. The average amount of mortgages for homes decreased by 2.7% year-on-year in January, reaching 138,149 euros, while the capital lent decreased by 12.7% to 4,576.5 million euros.

As a result of the rate policy adopted by the European Central Bank (ECB) to combat inflation and the Euribor’s evolution, the average interest rate for mortgages on homes was 3.46%, with an average term of 24 years. About 42% of mortgages in Spain were taken out at a variable rate in January, while 58.2% were fixed-rate mortgages.

In terms of inter-monthly rates, home mortgages increased by close to 33% from December 2023 to January

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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