The signing of home mortgages fell 19.1% in November and the average interest moderated to 3.27%

MADRID, 25 Ene.

The signing of home mortgages fell 19.1% in November and the average interest moderated to 3.27%


The number of mortgages constituted on homes fell by 19.1% last November compared to the same month in 2022, totaling 32,645 loans, the lowest figure in a month of November since 2020, with an average interest rate that moderated slightly compared to the previous month.

Specifically, this reached 3.27%, compared to 3.32% in October, although it remains at maximum levels since the end of 2015, according to data released this Thursday by the National Institute of Statistics (INE).

With the year-on-year decline in November, the home mortgage firm has had ten months of negative rates, although the rate in November was less pronounced than that recorded in October (-22.3%).

The average amount of mortgages constituted on homes fell by 0.5% year-on-year in the penultimate month of last year, to 145,894 euros, while the capital lent decreased by 19.5%, reaching almost 4,763 million euros.

Following the interest rate policy carried out by the European Central Bank (ECB) to try to contain inflation and the evolution of the Euribor, the average interest rate was 3.27%, with an average term of 24 years. Compared to a year before, the average interest rate for home loans has increased by seven tenths.

It is the eighth consecutive month in which the interest rate exceeds 3%, although it is also the first time it has fallen in the last year, since since December 2022 this indicator began an escalation that led it to set a record figure in eight years in October 2023, when it stood at 3.32%.

46.8% of home mortgages were signed last November at a variable rate, the highest percentage since January 2021, while 53.2% were signed at a fixed rate. The average interest rate at the beginning was 3.03% for variable rate home mortgages and 3.53% for fixed rate mortgages.

In a month-on-month rate (November 2023 over October of the same year), home mortgages rose by 2.3%, while loaned capital increased by 6.1%.

In the first eleven months of 2023, home mortgage loans have been reduced by 17.8%, with a decrease in the capital lent of 19.4% and a decrease in the average amount of 2%.


By autonomous community, those that registered the highest number of mortgages established on homes in November 2023 were Andalusia (6,906), Madrid (6,364) and Catalonia (5,140).

Likewise, the regions in which the most capital was lent for the creation of home mortgages were Madrid (1,303 million euros), Andalusia (918.2 million) and Catalonia (816.2 million).

Fifteen communities signed fewer mortgages on homes last November than in the same month of 2022, highlighting the declines in La Rioja (-53.4%), Extremadura (-45.4%), the Balearic Islands (-39.4% ) and the Canary Islands (-38.2%). The only increases occurred in Castilla-La Mancha (40.9%) and Cantabria (8%).


According to data from the statistical agency, the number of mortgages on rural and urban properties (the latter include homes) fell by 18.4% in November 2023 compared to the same month in 2022, to a total of 43,009. loans.

The capital of mortgage loans granted decreased by 15.8% in the penultimate month of last year, to 6,945.2 million euros, while the average amount of mortgages constituted on the total number of properties increased by 3.2 % and totaled 161,484 euros.


Last November, a total of 11,663 mortgages changed their conditions, a figure 8.7% higher than the same month in 2022.

Taking into account the type of change in conditions, there were 9,202 novations (or modifications produced with the same financial institution), with an annual increase of 4.1%.

The number of operations that changed entity (subrogations to the creditor) was 1,812, 22.8% more than in November 2022. Meanwhile, in 649 mortgages the owner of the mortgaged asset changed (subrogations to the debtor), 59 .5% more than a year before.

Of the 11,663 mortgages with changes in their conditions, 38.9% are due to changes in interest rates.