The granting of mortgages suffers the biggest drop since 2008 and the Bank of Spain warns that it will drop even more

• The Euribor shoots up to 2.78% and makes mortgages more expensive at a higher rate than that registered in the real estate bubble

The

has led

to begin to

, something that has been noticed above all in the

has occurred in the third quarter

after six consecutive quarters -year and a half- of increase in concessions.

This follows from the

, published this Tuesday by the

, in which it is detected that between June and September, "the criteria for granting loans and the general conditions applied to new loans would have been tighten across the board in the third quarter of 2022" with a "

in the segment of

which registered the steepest drop since 2008".

This abrupt decrease in the granting of mortgages is due, on the one hand, to the fact that

due to the worsening of the macroeconomic perspectives, which has led them to be stricter, and, to a lesser extent, to the fact that

to buy a home in view of the rise in interest rates and the cost of financing.

They also influenced "the

of the borrowers, a

on the part of the financial entities, the higher financing costs borne by the banks and a

hence the percentage of rejected credits grew .

The institution headed

points out, in any case, that the increase in interest rates at which banks lend has not been as abrupt as that approved by the

, which this Thursday could approve a new rate hike of

.

"In most segments, this cost would have risen, on average, more slowly than the market interest rates that serve as a reference in each modality have."

In the case of mortgages, for example, the supervisor identifies that the rise in rates has only been partially transferred to costs, among other things due to the

To the fall in the granting of credit -which also affected the segment of loans to companies and consumer loans- in the third quarter,

(October, November and December), although it will be parallel to a greater collapse Of demand.

"For the last quarter of this year, the financial entities of the two areas [companies and individuals] expect that there will be, once again,

in a context of deteriorating prospects macroeconomic conditions and in which the process of normalizing monetary policy is expected to continue", they point out.

Despite the fall in the granting of credit, banks will benefit from

due to the rise in interest rates.

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