71.9% of the mortgages that are subscribed for homes are at a fixed rate, the lowest percentage since January
MADRID, 26 Oct. (EUROPA PRESS) -
The number of mortgages constituted on homes increased by 10.5% last August compared to the same month of 2021, to add 36,721 loans, the highest figure in a month of August since 2010, when more than 50,000 mortgages were signed, according to the data released this Wednesday by the National Institute of Statistics (INE).
With the year-on-year rise in August, more than eight points higher than that experienced in July, the home mortgage firm has chained 18 months of consecutive year-on-year increases.
The average amount of mortgages constituted on homes increased by 5.4% year-on-year in the eighth month of the year, to 145,287 euros, while the borrowed capital grew by 16.4%, to 5,335 million euros.
By autonomous communities, those that registered the highest number of mortgages constituted on homes in August 2022 were Andalusia (7,670), Catalonia (6,208) and Madrid (6,058).
Likewise, the regions in which the most capital was lent for the constitution of mortgages on homes were Madrid (1,345 million euros), Catalonia (1,027.2 million) and Andalusia (948.4 million).
In 13 communities, more mortgages on homes were signed in August than in the same month of 2021 and four registered year-on-year decreases: Murcia (-19.4%), Navarra (-14.3%), La Rioja (-9.1% ) and Extremadura (-4.6%). The greatest increases, by contrast, occurred in the Balearic Islands (37.1%), the Canary Islands (35.6%) and Asturias (29.8%).
In the first eight months of the year, the number of mortgages to buy a home has increased by 14.2%, while the capital borrowed has risen by 22.4%.
FIXED RATE MORTGAGES ON HOMES, AT LOWS FOR THE YEAR
At the intermonthly rate (August over July), home mortgages increased by 2.2%, while capital borrowed rose by 1.4%. In both cases they are their biggest rises in a month of August in the last five years.
In the eighth month of the year, the average interest rate for all mortgage loans stood at 2.67%, with an average term of 23 years. In the case of homes, the average interest rate was 2.52%, above the 2.49% of a year before, with an average term of 24 years.
28.1% of mortgages on homes were constituted last August at a variable rate, while 71.9% were signed at a fixed rate, the lowest percentage since January. The average interest rate at the beginning was 2.09% for home mortgages at a variable rate and 2.71% for fixed rate mortgages.
TOTAL MORTGAGED PROPERTIES INCREASE 11%
According to data from the statistical agency, the number of mortgages on rural and urban properties (housing is included within the latter) increased by 11% in August 2022 compared to the same month in 2021, to a total of 48,022 loans.
The capital of mortgage loans granted increased by 12.7% in the eighth month of the year, to exceed 7,428 million euros, while the average amount of mortgages constituted on all properties rose by 1.5% and added 154,679 euros.
