Spain | Mortgage rates decrease by 10% at the start of the year, reaching nearly decade-high interest levels

The mortgage firm in Spain has seen a 10% drop in loans compared to January 2024, with 33,128 loans granted, according to data from the National Institute of Statistics (INE) published this Tuesday. The focus is on the average interest rate, which continues to rise and is now at its highest figure since December 2014.

This year-on-year decline means that the home mortgage firm has now experienced 12 consecutive months of negative rates, though this decline is less pronounced than the previous month. The average amount of mortgages for homes decreased by 2.7% year-on-year in January, reaching 138,149 euros, while the capital lent decreased by 12.7% to 4,576.5 million euros.

As a result of the rate policy adopted by the European Central Bank (ECB) to combat inflation and the Euribor’s evolution, the average interest rate for mortgages on homes was 3.46%, with an average term of 24 years. About 42% of mortgages in Spain were taken out at a variable rate in January, while 58.2% were fixed-rate mortgages.

In terms of inter-monthly rates, home mortgages increased by close to 33% from December

By Sophia Gonzalez

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