Mortgage stocks rose 3.8% in February, while the average interest rate fell to 3.33%.
The number of residential mortgage loans has increased 3.8% in February last year compared to the same month in 2023.to add 37,232 credits, the highest since November 2022, according to data published this Wednesday by the National Institute of Statistics (INE).
The average mortgage interest rate fell slightly from the previous month, but is still at a 9-year high and above 3% for the eleventh month in a row.
Specifically, the rate reached 3.33%, up from 3.46% in January, when it reached its highest level since late 2014. Excluding January, February was the highest percentage since December 2015, a month in which it stood at 3.36%. .
With advance Year-on-year mortgage firm returns to positive rates in February after 12 months the chain decreases.
Average home mortgages fell 5.2% year-on-year in the second month of the year to €136,145, while loan capital fell 1.6% to €5,068.9 million.
As a result of the interest rate policy implemented by the European Central Bank (ECB) to curb inflation and develop Euribor, the average interest rate was 3.33% for residential mortgages with an average maturity of 23 years.
Compared to a year earlier, the average mortgage interest rate rose nearly half a point. This is the eleventh month in a row that the interest rate has been above 3%.
44.7% mortgages amounted in February at a floating rate and 55.3% at a fixed rate.. The average interest rate initially was 3.07% for adjustable rate mortgages and 3.57% for fixed rate mortgages.
On a month-on-month basis (February versus January), mortgage loans rose 12.4%, while loan capital increased 10.8% and the average amount decreased 1.5%.
Madrid and Catalonia are the countries that sign the most mortgages for homes
Among the autonomous communities, the largest number of mortgages on houses in February this year were registered in Madrid (6883), Catalonia (6388) and Andalusia (5876).
Last February, seven communities signed fewer mortgages on houses than in the same month in 2023, highlighting declines in Cantabria (-20.5%), Castile-La Mancha (-20.1%), Andalusia (- 16.3%) and Murcia (-20.5%) (-20.1%) -11.2%).
On the contrary, loans for Purchase living place increased by ten communities, especially in the Canary Islands (+77.8%), Navarre (+64.6%), the Balearic Islands (+41.5%) and Galicia (+34.4%).
The total number of mortgaged properties increased by 3.7%.
Mortgage loans for rural and urban properties (the latter including houses) rose 3.7% in February compared with the same month in 2023, totaling 48,694 loans, according to the statistics agency.
The capital of mortgage loans issued increased in the second month of the year by 0.2%, to 7.742 million euros, while the average value of mortgage loans comprising all properties decreased by 3.4%, to 158,993 euros.
Mortgage loans changing conditions are growing rapidly
Last February, a total of 21,148 mortgages changed their terms, up 89.3% from the same month in 2023.
Taking into account the type of change conditions, 18,236 innovations occurred (or modifications made by the same financial institution), which is more than double that of the same month in 2023.
The number of operations to change persons (subrogation to the creditor) amounted to 2,466, which is 20.4% more than in February 2023. At the same time, in 446 mortgages the owner of the pledged property changed (subrogation to the debtor), which is 31.6% less than in February 2023. a year earlier.
Of the 21,148 mortgages with terms changed, 45.8% involved changes in interest rates.