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Find the best Spanish mortgage rates – July 2019 update

08 Jul
2019
5 (100%) 2 votes

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What are the best Spanish mortgage rates you can get?

July update

In order to know the last levels of the Spanish mortgage rates, you need to start with the real data: the data of the last mortgages issued in Spain. This will help you to know what are the best Spanish mortgage rates right now. Of course, don’t forget, if you are a foreigner you have to remember that as your assets are mainly abroad, your rate will be higher than the one reported here.

The “Instituto Nacional de Estadisticas”, INE, just released the Mortgage statistics of Spain for the month of April 2019. It is very informative and will give you the current market rates.

The growth is very strong: the number of mortgages issued in Spain increased by 1.8% vs the same month one year ago… And a 43.2% yearly growth for the mortgages issued in Balearic Islands.

 

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Current financing conditions for housing

  • Average mortgage has an interest rate of 2.59% (same as last month)
  • The average mortgage rate decreased by 2.9% vs 1 year ago
  • The lowest rate ever is 2.57! 
  • The average mortgage duration is 24 years
  • 56.8% have variable interest rates
  • 43.2% have fixed interest rates (+6.7% vs last year)
  • The average rate for variable rate mortgages is 2.3%, 5.1% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.09%, 1.8% less than 1 year ago,
  • The average amount issued per mortgage is €124,700: a increase of 3.9% vs last year.
  • 29,032 mortgages were issued -0.1% vs last year.
  • 3.6 € Bn of mortgages issued for housing in April 2019, +0.6% vs last year.

 

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

After a seasonally slower December, January looks even stronger vs December:

  • Community of Navarra, +45.3% to 510 mortgages
  • Aragon, +19.7% to 814 mortgages
  • Asturias, +11.9% to 556 mortgages

 

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • Community of Navarra, +47.4% to 510 mortgages
  • Andalucia, +16.7% to 6.065 mortgages
  • Aragon, +11.8% to 814 mortgages

 

Do you want to price your own mortgage?

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To help you out, we have created an easy to use table of the monthly repayments depending on the amount you want to take for a mortgage. If you want to go deeper into details, use our calculator to fine tune your mortgage to your situation and you will find out what would be your monthly payments, mortgage schedule,…

 

If you are about to invest in Spain, it is always interesting to compare the financing conditions with your returns’ prospects, check our last article on that subject: What return will you make on your Spanish Property investment in 2019?

 

Get our advice to get the best rates at the end of our 2-minutes 30 seconds video

 

345.186 mortgages issued in 2018

During the year, we had more than 345.000 mortgages issued in Spain. You should compare that to the number of properties sold of 570.000, which means, in our opinion, that the market is not over leveraged. In 2017, 310.096 mortgages were issued and in 2016, the number of mortgages issued was 283.000, that is a 14.6% growth year over year vs 2015.

 

You are about to buy a nice second home in Spain. Do you want to know how to get the best mortgage rates on your Spanish property?  Even as a foreigner? Check our detailed paper on this subject.

 

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Here were the statistics for earlier months:

The Spanish mortgage rates situation in March 2019

  • Average mortgage has an interest rate of 2.62% (same as last month)
  • The average mortgage rate decreased by 2.3% vs 1 year ago
  • The lowest rate ever is 2.57! 
  • The average mortgage duration is 24 years
  • 58.1% have variable interest rates
  • 41.9% have fixed interest rates (+24.5% vs last year)
  • The average rate for variable rate mortgages is 2.34%, 2.7% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.11%, 1.6% more than 1 year ago,
  • The average amount issued per mortgage is €125,341: a increase of 3.9% vs last year.
  • 30,716 mortgages were issued + 9.2% vs last year.
  • 3.8 € Bn of mortgages issued for housing in March 2019, +20.3% vs last year.

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

After a seasonally slower December, January looks even stronger vs December:

  • The Balearic Islands, +47% to 1,159 mortgages
  • Andalusia, +17% to 6,069 mortgages
  • Extremadura, +14% to 503 mortgages

 

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • The Balearic Islands, +49% to 1,159 mortgages
  • Extremadura, +36% to 503 mortgages
  • Murcia, +31% to 503 mortgages

 

The Spanish mortgage rates situation in February 2019

  • Average mortgage has an interest rate of 2.62% (vs 2.57% last month)
  • The average mortgage rate decreased by 1.1% vs 1 year ago
  • The current rate: 2.62% is close to the lowest rate ever of 2.57! 
  • The average mortgage duration is 23 years
  • 58.2% have variable interest rates
  • 41.8% have fixed interest rates (+17.4% vs last year)
  • The average rate for variable rate mortgages is 2.37%, 4% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.05%, 0.4% more than 1 year ago,
  • The average amount issued per mortgage is €123,911: a increase of 2.9% vs last year.
  • 31.018 mortgages were issued + 9.2% vs last year.
  • 3.8 € Bn of mortgages issued for housing in February 2019, +12.3% vs last year.

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

After a seasonally slower December, January looks even stronger vs December:

  • Asturias, +24.9% to 728 mortgages
  • Catalonia, +8.4% to 5.448 mortgages
  • Pais Vasco, + 2.9% to 1.713 mortgages

 

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • Asturias, +56% to 728 mortgages
  • Castilla – La Mancha, +43% to 1.321 mortgages
  • La Rioja, + 39% to 241 mortgages

The 6 regions with the biggest growth on the full year 2018

  • The Valencian Community, +15.7% to 38.004 mortgages
  • The Community of Madrid, +14.9% to 65.503 mortgages
  • Castilla – La Mancha, +14.8% to 12.501 mortgages
  • La Rioja, +13.5% to 2.332 mortgages
  • The Community of Navarre, +13.4% to 4.615 mortgages
  • Catalonia+13% to 57.477 mortgages
  • Extremadura+12.3% to 5.550 mortgages

 

The 4 most active regions in 2018

No surprises, we keep the same regions as the most active ones in terms of transactions:

  • The Community of Madrid, 65.503 mortgages with a growth of 14.9%
  • The Andalusia,  65.431 mortgages with a growth of 8.6%
  • Catalonia57.477 mortgages with a growth of 14.9%
  • The Valencian Community, 38.004 mortgages with a growth of 15.7%

 

The Spanish mortgage rates situation in January 2019

  • Average mortgage has an interest rate of 2.57% (vs 2.62% last month)
  • The average mortgage rate decreased by 4.3% vs 1 year ago
  • The current rate: 2.57% is the lowest rate ever! 
  • The average mortgage duration is 22 years
  • 62.8% have variable interest rates
  • 37.2% have fixed interest rates (+9.1% vs last year)
  • The average rate for variable rate mortgages is 2.32%, 8% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.09%, 1.6% more than 1 year ago,
  • The average amount issued per mortgage is €121,036: a decrease of -0.7% vs last year.
  • 36.832 mortgages were issued + 22.5% vs last year.
  • 4.4 € Bn of mortgages issued in January 2019, +21.6% vs last year.

 

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

After a seasonally slower December, January looks even stronger vs December:

  • Madrid Community, +168% to 10.478 mortgages
  • Castilla – La Mancha, +101% to 1.485 mortgages
  • Extremadura, + 76% to 542 mortgages

 

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • Madrid Community, +105% to 10.478 mortgages
  • Castilla – La Mancha, +25% to 1.485 mortgages
  • Aragón, + 17% to 910 mortgages

 

The Spanish mortgage rates situation in December 2018

  • Average mortgage has an interest rate of 2.62% (vs 2.61% last month)
  • The average mortgage rate decreased by 3.9% vs 1 year ago
  • The lowest rate ever is 2.57%! 
  • The average mortgage duration is 24 years
  • 58.6% have variable interest rates
  • 41.4% have fixed interest rates (+9.1% vs last year)
  • The average rate for variable rate mortgages is 2.42%, 4.7% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 2.98%, 4.8% less than 1 year ago,
  • The average amount issued per mortgage is €126,394: an increased of 9.4% vs last year.
  • 20.933 mortgages were issued + 0.9% vs last year.
  • 2.6 € Bn of mortgages issued in December 2018, +10.4% vs last year.

 

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

All the regions had a negative growth. Of course December is well known for being less busy all over the world.

 

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • The Basque Country, +20.1% to 1.333 mortgages
  • The Valencian Community, +17.3% to 2.456 mortgages
  • Catalonia+12% to 3.390 mortgages

 

The Spanish mortgage rates situation in November 2018

  • Average mortgage has an interest rate of 2.61% (vs 2.57% last month)
  • The average mortgage rate decreased by 5.7% vs 1 year ago
  • The lowest rate ever is 2.57%! 
  • The average mortgage duration is 23 years
  • 64% have variable interest rates
  • 36% have fixed interest rates (+25.9% vs last year)
  • The average rate for variable rate mortgages is 2.42%, 0.7% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.07%, 14.1% less than 1 year ago,
  • The average amount issued per mortgage is €130,651: an increased of 5.5% vs last year.
  • 28.835 mortgages were issued + 14.2% vs last year.
  • 5.6 € Bn of mortgages issued in November 2018, +13.7% vs last year.

 

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

  • The Canary Islands, +39.4% to 1.299 mortgages
  • The Balearic Islands+17.8% to 899 mortgages
  • Asturies, +4.7% to 532 mortgages

 

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • The Canary Islands, +28.6% to 1.299 mortgages
  • Catalonia+25% to 5.363 mortgages
  • The Valencian Community, +24.4% to 3.178 mortgages

 

The Spanish mortgage rates situation in October 2018

  • Average mortgage has an interest rate of 2.57% (vs 2.59% last month)
  • The average mortgage rate decreased by 4.3% vs 1 year ago
  • The lowest rate ever is 2.57%! YES, the current rate!
  • The average mortgage duration is 24 years
  • 60.4% have variable interest rates
  • 39.6% have fixed interest rates (+25.9% vs last year)
  • The average rate for variable rate mortgages is 2.43%, 2.9% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 2.99%, 3.7% less than 1 year ago,
  • The average amount issued per mortgage is €126,926: an increased of 4.6% vs last year.
  • 30.356 mortgages were issued + 20.4% vs last year.
  • 5.8 € Bn of mortgages issued in October 2018, +13.9% vs last year.

The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):

  • Navarra Community, +21.6% to 472 mortgages
  • Catalonia+10.7% to 5.808 mortgages
  • Castilla y Leon, +4.8% to 1.153 mortgages

The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • Navarra Community, +53.7% to 472 mortgages
  • Catalonia+40.7% to 5.808 mortgages
  • Aragon, +36.8% to 729 mortgages

 

The Spanish mortgage rates situation in September 2018

  • Average mortgage has an interest rate of 2.59% (vs 2.62% last month)
  • The average mortgage rate decreased by 8.3% vs 1 year ago
  • The lowest rate ever is 2.59%! 
  • The average mortgage duration is 24 years
  • 59.9% have variable interest rates
  • 40.1% have fixed interest rates (+16.7% vs last year)
  • The average rate for variable rate mortgages is 2.36%, 10.8% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.02%, 5.9% less than 1 year ago,
  • The average amount issued per mortgage is €127,732: an increased of 4.1% vs last year.
  • 32.457 mortgages were issued + 9.5% vs last year.
  • 6.6 € Bn of mortgages issued in September 2018, +10% vs last year.

The top 4 regions with the biggest growth for the number of mortgages issued are (monthly changes):

  • Valencian Community, +32.5% to 3.863 mortgages
  • Madrid, +30.6% to 6.530 mortgages
  • Murcia+21.5% to 866 mortgages
  • Catalonia+18.4% to 5.246 mortgages

The top 4 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):

  • La Rioja, +123%
  • Extremadura, +54%
  • The community of Navarre+37%
  • Madrid, +28%

 

The Spanish mortgage rates situation in August 2018

  • Average mortgage has an interest rate of 2.62% (vs 2.59% last month)
  • The average mortgage rate decreased by 4.3% vs 1 year ago
  • The lowest rate ever is 2.59%!
  • The average mortgage duration is 24 years
  • 59.8% have variable interest rates
  • 40.2% have fixed interest rates
  • The average rate for variable rate mortgages is 2.43%, 5.5% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 2.99%, 3.1% less than 1 year ago,
  • The average amount issued per mortgage stands at €122,424, an increased of 9.8% vs last year.
  • 28.755 mortgages were issued + 6.8% vs last year.
  • 5.4 € Bn of mortgages issued in August 2018, +11% vs last year.

 

The top 4 regions with the biggest growth for the number of mortgages issued are:

  • Extremadura, +31% to 604 mortgages
  • The Canary Islands, +19,6% to 1.396 mortgages
  • Cantabria, +16,4% to 326 mortgages
  • Madrid, +13,9% to 5.000 mortgages

 

The top 4 regions with the biggest growth in terms of amounts of mortgages issued are:

  • Extremadura, +61%
  • Madrid, +29%
  • Andalusia+28%
  • Basque country+24%

 

The Spanish mortgage rates situation in July 2018

  • Average mortgage has an interest rate of 2.59% (vs 2.63% last month)
  • Average mortgage rate decreased by 6.3% vs 1 year ago
  • The lowest rate ever is 2.59%! YES, the current rate reached this month!
  • Mortgage duration is 22 years
  • 62.3% have variable interest rates
  • 37.7% have fixed interest rates
  • The average rate for variable rate mortgages is 2.32%, 7.3% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.07%, 5.7% less than 1 year ago,
  • The average amount issued per mortgage stands at €125,120, an increased of 2.1% vs last year.
  • 29.287 mortgages were issued + 14.6% vs last year.
  • 3.6 € Bn of mortgages issued in July 2018, +17% vs last year.

 

The top 4 regions with the biggest growth for the number of mortgages issued:

  • Extremadura, +38.9% to 457 mortgages.
  • The Valencian Community+28.1% to 3.276 mortgages
  • La Rioja+28.1% to 283 mortgages
  • Madrid, +27,5% to 5.713 mortgages

 

The top 4 regions with the biggest growth in terms of amounts of mortgages issued:

  • La Rioja+77.3%
  • The region of Murcia+43%
  • Cantabria+39.8%
  • The Valencian Community+39%

 

The Spanish mortgage rates situation in June 2018

  • Average mortgage has an interest rate of 2.63%
  • Average mortgage rate decreased by 6.8% vs 1 year ago
  • The lowest rate ever is 2.62% reached in March 2018
  • Mortgage duration is 23 years
  • 62.9% have variable interest rates
  • 37.1% have fixed interest rates
  • The average rate for variable rate mortgages is 2.19%, 11.3% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.25%, 0.5% more than 1 year ago,
  • The average amount issued per mortgage stands at €123,896, an increased of 5.1% vs last year.
  • 30.600 mortgages were issued + 3.9% vs last year.

 

The top 3 regions with the biggest mortgages growth:

  • Madrid, +23,2% to 6.399 mortgages,
  • Aragon, +10.6% to 957 mortgages,
  • Extremadura, +18.4% to 616 mortgages.

 

The Spanish mortgage rates situation in May 2018

  • Average mortgage has an interest rate of 2.63%
  • Average mortgage rate decreased by 4.3% vs 1 year ago
  • The lowest rate ever was 2.62% in March 2018
  • Mortgage duration is 22 years
  • 61.9% have variable interest rates
  • 38.1% have fixed interest rates
  • The average rate for variable rate mortgages is 2.4%, 9.8% less than 1 year ago,
  • The average rate for fixed-rate mortgages is 3.12%, 6.6% more than 1 year ago,
  • The average amount issued per mortgage stands at €117,044, an increased of 2.8% vs last year.
  • 31.166 mortgages were issued + 7.3% vs last year.

 

While the top 4 regions in terms of annual growth were:

  • The Canary Islands, +70,9% to 1.984 mortgages,
  • Extremadura, +18.5% to 570 mortgages,
  • Pais Vasco, +18.4% to 1.783 mortgages,
  • Navarra, +17.3% to 441 mortgages

 

Check the Spanish report from the INE.

Looking for a mortgage or a local expert in Alicante, Malaga, Valencia, Madrid, Barcelona,…? Ask us directly!

Stéphane 

Senior analyst and strategist at HTBIS

Check the full HTBIS team here

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