The number of mortgages constituted on dwellings registered in the property records stood at 22,488 last September, 31.6% lower than in the same month of 2018 and the lowest in a September month since 2014, as reported on Friday by the National Institute of Statistics (INE).
The statistical agency has indicated that the entry into force of the Real Estate Credit Law last June "could have affected" the September data by collecting this statistic public deeds made in previous months.
With the year-on-year decrease experienced in the ninth month of the year, the housing mortgage firm chains two consecutive months of declines after having collapsed almost 30% in August.
The price keeps going up
According to the data released by the INE, the average amount of home mortgages rose 5.3% compared to September 2018, to 135,452 euros, while the borrowed capital fell 28% year-on-year, up to 3,046 million euros.
In monthly terms (September over August), the number of home mortgages rose 10.3%, its second lowest increase in this month after 2017. On the other hand, the capital lent for these types of mortgages advanced by 16, 3% in the month, its lowest rise in a September in at least five years.
Madrid, in the lead
The communities with the highest number of mortgages constituted on dwellings in September were Madrid (4,708), Andalusia (4,189), Catalonia (3,655) and Comunidad Valenciana (2,671).
All regions presented negative rates in September on the number of home mortgages. The greatest decreases occurred in La Rioja (-63.7%) , Extremadura (-56.9%) and Asturias (-49.8%), while the minor ones led Navarra (-19%), Castilla-La Spot (-19.6%) and Balearic Islands (-22.8%).
The average interest rate for home mortgage loans reached 2.51% last September , compared with 2.59% a year earlier , and the average term was 24 years.
61.7% of the mortgages on homes were constituted at a variable rate and 38.3% at a fixed rate . The average interest rate at the beginning for mortgages on variable-rate housing stood at 2.25%, compared to 3.08% for fixed-rate mortgages.
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