Mortgages falling for last 12 months

Spanish mortgages market

According to data released yesterday by the National Statistics Institute (Ine), the number of mortgages taken out on housing fell by 10.3% last January compared to the same month in 2023, to 33,128 loans, with the average interest rate soaring to levels not seen in almost a decade.

Specifically, this reached 3.46%, compared with 3.32% in December, thus reaching its highest value since the end of 2014, when it stood at 3.50%. With January’s year-on-year decline, the number of mortgages on housing has now been in negative territory for twelve months, although January’s decline was less pronounced than that recorded in the last month of last year (-17%).

The average amount of mortgages on dwellings fell by 2.7% year-on-year in the first month of the year to €138,149, while the capital loaned decreased by 12.7% to €4,576.5 million.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.