BancaMarch | Mortgage lending is accelerating in Spain. According to figures from the National Statistics Institute (INE), October was a historic month with a strong increase in mortgage activity. In October the number of mortgages taken out on homes grew by no less than 60.8% year-on-year (51,535 mortgages), making it the month with the highest number of mortgages granted since September 2010. The average amount of these operations stood at €150,556, which represents an increase of +7.3% compared to October 2023.
In terms of financing costs, the average interest rate was 3.12% and the term 25 years, which compares with an average rate of 3.31% in October 2023. In terms of segmentation, this October 37.4% of residential mortgages were at a variable rate and 62.6% at a fixed rate, with an initial rate of 2.83% for variable mortgages and 3.32% for fixed rate mortgages.
