CdM | Another surprise in the mortgage market. The National Statistics Institute (INE) published its mortgage statistics for May on Friday, showing that mortgages on homes rose by 54.4% compared to the same month in 2024, with a total of 42,274 loans signed.
The increase in May is much higher than that recorded in April (up 14.4%), and with it, the signing of mortgages on homes has now risen for eleven consecutive months.
The average amount of mortgages taken out on homes rose by 12.7% year-on-year in May to €158,153, while the capital lent in this type of transaction rose by 74.1%, representing the highest rate since records began, with a total of €6.6857 billion, according to the INE.
In addition, Statistics indicate that for mortgages taken out on homes, the average interest rate was 2.91% and the average term was 25 years. In total, this is now four consecutive months below 3%.
The INE also highlights that of the total number of transactions, 30.1% of mortgages on homes were taken out at variable rates and 69.9% at fixed rates, and points out that the average interest rate at the start was 2.78% for variable-rate mortgages on homes and 2.97% for fixed-rate mortgages.
The statistics also show that, in month-on-month terms (May compared to April), mortgages on homes increased by 7.9%, while the capital lent rose by 9.5%. Likewise, according to this comparison, the average amount of mortgage loans on homes rose by 1.5% compared to the fourth month of the year.
Meanwhile, looking at the cumulative data for the first five months of the year, the number of mortgages for home purchases rose by 23.6%, with increases of 40.5% in the capital loaned and 13.7% in the average amount of loans granted.
The total number of mortgages with changes in their conditions registered in the property registers fell by 15.4% in May in annual terms. The INE details that novations (or modifications with the same financial institution) decreased by 2.8%, subrogations to the debtor (change of owner) by 45.0%, and subrogations to the creditor (change of institution) by 38.9%.
In addition, 78.1% of the 11,258 mortgages with changes in their conditions were due to changes in interest rates.
The statistics also show which regions had the highest annual rates of change in the number of mortgages on homes in May.
These were Galicia (116.0%), La Rioja (100.0%) and Cantabria (92.8%). On the other hand, the regions with the lowest increases were Catalonia (30.9%), the Balearic Islands (34.6%) and Aragon (34.7%).
