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What are the best Spanish mortgage rates you can get?

Rates are at their lowest levels ever NOW!

Updated December 2018

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 September 2018. 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 9.5% vs the same month one year ago… And a 32.5% growth for the mortgages issued in the Valencian Community!!!

Current financing conditions for housing

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%! YES, the current rate!
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.

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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,…

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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 2018?

310.096 mortgages issued in 2017

During the year, we had more than 310.000 mortgages issued in Spain. You should compare that to the number of properties sold of 520.000 which means, in our opinion, that the market is not overleveraged. In 2016, the number of mortgages issued was 283.000, that is a 10% growth year over 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%

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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As a reminder, here were the statistics for earlier months:

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%! YES, the current rate reached in July 2018!
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 our network of local partners directly!

Stéphane

Senior analyst and strategist at HTBIS

Check the full HTBIS team here

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