The uncertainty and the imminent rise in rates are beginning to affect the mortgage market in Spain, which closed April with a total of

33,423 housing loans

.

The figure represents 4.5% more than in the same month of the previous year, but also represents a moderation in the pace of growth in recent months.

In March, for example, the rise was 18% with 43,378 headings.

The decrease in the rate is seen more clearly in the monthly comparison, since the April figure

fell 22.9% compared to March

, also far from -13% in 2021 or -11.5% in 2020. Despite everything , the total figure is the highest in a month of April since 2010, when more than 50,000 mortgages were signed, according to data published by the National Institute of Statistics (INE) this Friday.

Also in April, the pull of

fixed-rate mortgages against variable rates

, which continue to increase their difference, continued.

In fact, of the total loans signed that month, 75.3% were at a fixed rate and the rest, 24.7%, at a variable rate.

The recent increases in the Euribor are behind this trend, which has accelerated in recent months due to buyers' fear that banks will raise prices and worsen the conditions for granting credit.

At a general level, the average interest rate is 2.52% and the average term is 25 years.

However, the average interest rate at the beginning is 2.16% for home mortgages at a variable rate and 2.65% for those at a fixed rate.

Regarding the average amount, it stood at 142,253 euros in April, with an increase of 2.2% in year-on-year comparison.

Month-on-month, borrowed capital sank 24.8%, the biggest drop in an April month since 2018.

By

Communities

, the regions with the highest annual variation rates in April were Castilla-La Mancha (29.4%), the Balearic Islands (27.7%) and Aragón (16.4%).

For their part, the communities with the lowest annual variation rates were Extremadura (-12.7%), Comunidad de Madrid (-9.5%) and Comunidad Valenciana (-7.1%).

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