More mortgages in Spain, but smaller

mortgagesSpain property market

BancaMarch | The amount of mortgages conceded in March rose +23.2% yoy, which implies a slowdown compared to the +31.2% registered in February.

The approvals of mortages in Spain has accelerated, but the average amount of the mortgage loans has slowed. Specifically, in March the number of mortgages inscribed in property registers were 30,716, and increase of +15.8% yoy.

The average amount of the these mortgages increased +3.9% yoy to 125,341 euros. On the other hand, the average interest rate was 2.62% (one tenth higher than the same month last year) and with an average duration of 24 years.

By categories: 58.1% of housing mortgages had variable interest rates while the strong increase of fixed rate mortgages stands out, with an increase of +24.5% yoy, which represents 41.9% of all mortgages. The average starting interest rate for variable rate mortgages is 2.3% and 3.1% for fixed rate mortgages.