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The mortgage firm on housing returns to negative rates after falling 2.5% in June

2019-08-30T09:23:27.454Z

The number of mortgages constituted on dwellings registered in the property registries stood at 29,900 last June, 2.5% lower than the same month



The number of mortgages constituted on dwellings registered in the property registries stood at 29,900 last June, 2.5% lower than in the same month of 2018 , as reported by the National Statistics Institute on Friday ( INE), which reminds that the data in this statistic comes from public deeds previously made.

With this year-on-year decline , the housing mortgage firm returns to negative ground after the sharp increase, over 11%, which it had experienced in May.

According to the data released by the INE, the average amount of home mortgages fell 3.7% compared to June 2018, to 119,964 euros, while the borrowed capital decreased 6.1% year-on-year, until touching the 3,587 million euros .

In monthly terms (June over May), the number of home mortgages decreased by 14.3% , while the capital borrowed for this type of mortgage decreased by 17.2% . In both cases it is the biggest decline this month in at least five years.

ANDALUCÍA AND MADRID, AT THE HEAD OF MORTGAGES ON HOUSING

The communities with the highest number of mortgages constituted on housing in June were Andalusia (5,986), Madrid (4,928) and Catalonia (4,836).

The highest annual variation rates were in the Valencian Community (+ 16.9%), Murcia (+ 12%) and the Basque Country (+ 9.3%), while the largest declines were in Madrid (-20.8% ), La Rioja (-16.7%) and Aragón and Navarra (-13% in both cases).

The average interest rate for home mortgage loans reached 2.57% last June, compared to 2.65% a year earlier, with an average term of 24 years.

55.5% of the mortgages on houses were constituted at a variable rate, in contrast to the 44.5% that were signed at a fixed rate. The average interest rate at the beginning for mortgages on variable-rate housing stood at 2.29%, compared to 3.01% for fixed-rate mortgages.

THE MORTGED PROPERTIES LOWER

According to the statistics of the statistical agency, during the sixth month of the year 40,496 mortgages on rural and urban farms were constituted (housing is included in the latter), a figure that represents a decrease of 3.7% compared to June 2018 .

The capital of the mortgage loans granted decreased by 11.7% compared to the same month of 2018, to 5,701 million euros, while the average amount of mortgages constituted on the total farms stood at 140,784 euros, 8 , 3% less.

The average interest rate at the beginning for total farms stood at 2.52%, with an average term of 22 years. For variable rate mortgages, which represent 57.8% of the total, the average interest rate was 2.25% at the beginning, while it stood at 3.05% for fixed-rate ones.

CHANGES IN THE CONDITIONS

As for mortgages with registration changes, they totaled 5,805 in June, 1.2% less than in the same month of 2018.

Based on the kind of changes in conditions, in June there were 4,720 novations (or modifications produced for the same financial purpose), with a year-on-year increase of 3.3%.

The number of transactions that changed entities (subrogations to the creditor) decreased by 25.2%, while the number of mortgages in which the owner of the mortgaged asset (subrogations to the debtor) changed increased by 8.5%.

Of the 5,805 mortgages that changed their conditions last June, 40.8% were due to changes in interest rates.

After the change of conditions, the percentage of mortgages at fixed interest rose from 13.3% to 17.6% and that of mortgages at variable interest fell from 86.1% to 81.9%.

The Euribor is the rate to which most mortgages are referenced at a variable rate both before the change (72.8%) and after (74.1%).

Following the change in conditions, the average interest rate on fixed-rate mortgages rose one tenth, while the variable interest rate fell eight tenths.

According to the criteria of The Trust Project

Know more

  • Madrid
  • Andalusia
  • The Rioja
  • Basque Country
  • Navarre
  • Murcia
  • Valencian Community
  • Catalonia
  • Aragon
  • Mortgages

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