In 2024, mortgage firms in Spain experienced a 10 percent decline compared to January 2023, with 33,128 loans issued. The focus of the article is on the rising average interest rate, which now stands at 3.46%, the highest figure since December 2014. This marks the twelfth consecutive month of negative rates for mortgage firms in Spain.

In terms of loan amounts, there was a decrease of 2.7% in residential mortgages and a decline of 12.7% in capital loans compared to January 2010. The average duration of mortgages on home loans was 24 years, and about 42% were taken out at a variable rate while 58.2% were fixed-rate mortgages.

The rise in financing costs due to the interest rate policy adopted by the European Central Bank (ECB) has resulted in a trend of moderation in mortgage financing. Mortgage rates rose by nearly 33% from December 2023 to January 2024, while equity lending increased by around the same percentage.

The General Secretary of the Association of Builders Promoters of Spain noted that there has been a rise in demand for property ownership due to economic uncertainty and political instability. However, only four regions saw an increase in home mortgages compared to January

By Samantha Johnson

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