Financing Archives - How to buy in Spain

Mortgage rates comparison in Europe

STEPHANE — Mon, 27 Jan 2025 15:59:06 +0000

Click on any flag to get an automatic translation from Google Translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten

European Mortgage comparison Guide 2025: Complete analysis of Rates

This mortgage comparison guide incorporates insights from our two latest video analyses: “European Mortgage Rates at Lowest Levels in January 2025” and “Spanish Mortgage Rates for Non-Residents.” For detailed video explanations, we recommend watching both comprehensive analyses.

Data Source: All mortgage rates and financial data in this mortgage comparison are sourced from the European Central Bank’s official statistics. The figures presented are the latest available data as of January 2025, representing November 2024 measurements.

European Mortgage Rate comparison

Comparing Mortgage Rates across Europe

Our mortgage comparison reveals significant variations across European markets in 2025. Current data shows a remarkable spread in rates, from lows of 3.04% in Spain to highs of 3.94% in Ireland. This mortgage rate comparison helps investors identify the most advantageous markets for property investment.

Quick Mortgage Rate comparison

Country	Current Rate	Compared to EU Average (3.44%)
Spain	3.04%	-0.40%
France	3.17%	-0.27%
Belgium	3.19%	-0.25%
Italy	3.23%	-0.21%
Portugal	3.29%	-0.15%
Finland	3.31%	-0.13%
Luxembourg	3.69%	+0.25%
Netherlands	3.71%	+0.27%
Ireland	3.94%	+0.50%

Key factors in Mortgage comparison

When comparing mortgages across European markets, consider these essential elements:

Interest Rate Types and Spreads
Down Payment Requirements
Lending Criteria for Non-Residents
Insurance Requirements
Tax Implications

Key European Property Investment markets

The mortgage markets across European countries show significant variation in rates and lending practices. The EU average currently stands at 3.44%, but individual countries demonstrate notable differences that reflect their local economic conditions, regulatory frameworks, and cultural approaches to property ownership.

Mortgage Rates in Germany: Market analysis and trends

The German mortgage market is characterized by its stability and conservative lending practices. With current rates at 3.59%, German lenders emphasize long-term security and robust risk assessment. The market is highly regulated, with a strong preference for fixed-rate mortgages that typically require down payments of 20-30%. A unique feature of the German market is the “Forward Darlehen” system, which allows borrowers to lock in rates up to five years in advance of their mortgage start date.

German mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, as of November 2024, Spanish mortgage rates are cheaper by 0.55% than German mortgage rates. This is very good news for real estate buyers in Spain. In November 2024, German mortgage rates were sold at 3.59%.

Mortgage Rates in France: current conditions and requirements

French mortgage lending, offering competitive rates at 3.17%, combines strong borrower protections with structured application processes. This rate, notably below the European average, makes French mortgages particularly attractive for international investors. The French system is notable for its mandatory life insurance requirements and maximum debt ratio restrictions of 35%. First-time buyers can benefit from the “Prêt à taux zéro” program, which provides zero-interest loans under specific conditions.

French mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, French mortgages are a little bit more expensive than Spanish mortgage rates in November 2024. They trade at 3.17%

Mortgage Rates in the Netherlands: system overview and benefits

The Dutch mortgage market, currently with rates at 3.71%, stands out for its innovative approach to lending and strong focus on sustainability. Despite rates being slightly above the European average, the system offers various mortgage types and relatively high mortgage-to-income ratios. A distinctive feature is the National Mortgage Guarantee scheme, which provides additional security for both lenders and borrowers.

Dutch mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Spanish mortgage rates and Dutch mortgages are more expensive than Spanish mortgage rates by 0.67%. In November 2024, Dutch mortgage rates were sold at 3.71%.

Mortgage Rates in Belgium: market features and opportunities

Belgium’s mortgage market, with current rates at 3.19%, positions itself competitively within Europe. This rate, significantly below the EU average, combines with strong consumer protections and stable lending practices. The Belgian approach emphasizes income stability and typically requires a 20% down payment, while offering various tax advantages for property owners.

Belgian mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Spanish mortgage rates and Belgian mortgage rates are close to each other in November 2024. As of November 2024, Belgian mortgage rates were issued at 3.19%, 0.15% higher than Spanish mortgages.

Mortgage Rates in Ireland: market conditions and lending practices

The Irish mortgage market currently shows rates of 3.94%, positioning it above the European average. Despite higher rates, Ireland offers robust first-time buyer programs and clear regulatory frameworks. Key features include strict Central Bank lending rules, comprehensive buyer protection measures, and increasing availability of long-term fixed rates.

Irish mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Irish mortgages are much more expensive than Spanish mortgages. As you will surely know, the Irish real estate market rebounded strongly and is one of the hottest markets in Europe even with those higher rates. In November 2024, Irish mortgage rates were trading at 3.94%, 0.9% higher than Spanish mortgage rates.

Mortgage Rates in Italy: southern European perspective

Italy’s mortgage market presents competitive rates at 3.23%, making it an attractive option for property investors. The Italian system combines traditional lending practices with modern financial products, offering both fixed and variable rate options. The market is particularly appealing for vacation home buyers and those interested in historical property renovation.

Italian mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Italian mortgages are much more expensive than Spanish mortgages. In November 2024, Italian mortgage rates were trading at 3.23%, 0.19% higher than Spanish mortgage rates.

Mortgage Rates in Luxembourg: financial center insights

Luxembourg’s mortgage market, with rates at 3.69%, reflects its position as a major financial center. Despite rates above the EU average, the market benefits from strong international banking presence and sophisticated financial products. The country’s high property values are offset by competitive lending terms and strong legal protections for buyers.

Luxembourg mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Luxembourg mortgages are much more expensive than Spanish mortgages. In November 2024, Italian mortgage rates were trading at 3.69%, 0.65% higher than Spanish mortgage rates. As you know probably, the Luxembourg real estate market has a very high valuation and we could see this as banks being prudent or instructed by the European Central Bank to be prudent.

Mortgage Rates in Portugal: Mediterranean market analysis

Portugal offers attractive mortgage rates at 3.29%, positioning itself competitively within the southern European market. The Portuguese system provides particular advantages for non-resident buyers, with specific programs designed to attract international investment. The market combines affordable property prices with accessible financing options.

Portuguese mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Portuguese mortgages are much more expensive than Spanish mortgages. In November 2024, Portuguese mortgage rates were trading at 3.29%, 0.25% higher than Spanish mortgage rates. The Portuguese real estate market had a nice run too and we could see some caution from Portuguese banks.

Mortgage Rates in Finland: Nordic market perspective

Finland’s mortgage market, with rates at 3.31%, demonstrates the stability characteristic of Nordic financial systems. The Finnish approach emphasizes transparency and efficiency in lending processes, with strong digital integration and streamlined application procedures. The market offers particular advantages for energy-efficient properties and new constructions.

Finnish mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

As you can see on the chart, Spanish mortgage rates since March 2022 are cheaper than mortgages in Finland, as of November 2024, they are cheaper by 0.27%. This is very good news for real estate buyers in Spain. In November 2024, Finnish mortgage rates were sold at 3.31%.

Want to learn more about European Mortgage Rates?

Watch our comprehensive video analysis “European Mortgage Rates at Lowest Levels in January 2025” to discover:

Detailed monthly changes in rates across all European countries

Five-year historical trends and patterns
Impact of inflation on current rates

Financing conditions across different regions

Expert predictions for the coming months

Would you like to watch this video in your language? Click at the bottom right of the video on “cc” to get subtitles in your language.

#EuropeanMortgages #MortgageRates #PropertyInvestment #RealEstate #EuropeanProperty #MortgageComparison #InvestmentAdvice #PropertyBuying

Focus on Spanish Mortgages

Spain’s Competitive Position

Spain has emerged as a leader in mortgage affordability across Europe, with rates significantly below the continental average. As detailed in our dedicated video on Spanish mortgage rates for non-residents, current rates stand at an impressive 3.04%, compared to the EU average of 3.44%. This competitive position represents a significant shift from historical patterns, with our video analysis showing this trend began in 2022 when Spanish rates reversed their historically higher pattern.

Why Spanish Mortgages lead the other European markets?

As explored in detail in our Spanish mortgage rates video, Spain’s mortgage market leadership stems from six key factors that create ideal lending conditions. Our video analysis breaks down how the combination of economic strength, market stability, and regulatory prudence has positioned Spain as a market leader.
- Strong GDP growth leading European rankings
- Unemployment at lowest levels since 2007
- Controlled inflation under 3%
- Property prices under €2,000 per square meter
- Robust banking regulations
- Sustainable market growth
Getting a Spanish Mortgage as a Foreign Buyer

The Spanish mortgage system for foreign buyers balances accessibility with prudent lending practices. Success depends on meeting key requirements and following a structured application process:
- Debt-to-income ratio below 35%
- Maximum loan-to-value ratio of 70%
- Stable income and employment history
- NIE (Foreigner Identification Number)
- Spanish bank account
Want to learn more about Spanish Mortgage Rates?

Read our detailed article on the subject: Spanish mortgage rates, the European best kept secret.

Watch our detailed video guide “Spanish Mortgage Rates for Non-Residents” to discover:
- Strategic benefits of financing property in Spain
- Detailed evolution of Spanish rates over the last 20 years
- Step-by-step guide to getting the best rates as a non-resident
- Why Spanish rates are consistently lower than European averages
- Essential considerations for your Spanish mortgage application
Would you like to watch this video in your language? Click at the bottom right of the video on “cc” to get subtitles in your language.

#SpanishMortgage #PropertyInSpain #NonResidentMortgage #SpanishProperty #InvestInSpain #SpanishRealEstate #MortgageAdvice #ForeignBuyer
Professional support framework

Success in the Spanish mortgage market often depends on accessing professional support services. This includes legal assistance during the property purchase process, financial advisors for mortgage comparison and tax planning, and property services professionals for market analysis and valuation expertise.

Conclusion

The European mortgage market offers diverse opportunities for property investors, with Spain emerging as a particularly attractive option in 2025. Our video analyses demonstrate that while each country presents unique characteristics and requirements, Spain’s combination of competitive rates, stable banking sector, and strong property market fundamentals makes it especially appealing for foreign buyers.

For more detailed information and regular updates on European mortgage rates and Spanish property investment opportunities, we recommend subscribing to our video channel. Our comprehensive analyses are updated monthly with the latest market data and expert insights.

Stéphane
Senior analyst and strategist at HTBIS

Stéphane, with over 20 years of experience in real estate, finance and entrepreneurship, is the co-founder of www.howtobuyinspain.com. With an extensive network of local partners in Spain, his deep commitment to the real estate sector combined with strong analytical skills and a problem-solving mentality have fueled his success. Constantly eager to learn and passionate about teaching, Stéphane believes in the power of knowledge sharing to master any subject.

Check the full HTBIS team here

Mortgage comparison in Europe FAQ

Are mortgage rates in Spain higher than in other European countries?

No, Spain currently offers some of the lowest mortgage rates in Europe. As of November 2024, Spanish mortgage rates stand at 3.04%, significantly below the European average of 3.44%. This makes Spain one of the most competitive markets for property financing in Europe, with rates lower than most major European economies.

What makes Spanish mortgage rates competitive compared to other European countries?

Spanish mortgage rates are competitive due to six key factors: 1) Strong GDP growth leading European rankings, 2) Unemployment at lowest levels since 2007, 3) Lower dependence on energy prices than other European countries, 4) Inflation rates below European average (under 3%), 5) Conservative real estate market without overleveraging, and 6) Strong banking regulations ensuring sector stability.

How do Spanish mortgage rates compare with specific European countries like France or Italy?

Spain's current mortgage rate of 3.04% is highly competitive compared to other major European markets: France (3.17%), Belgium (3.19%), Italy (3.23%), Portugal (3.29%), Finland (3.31%), Luxembourg (3.69%), Netherlands (3.71%), and Ireland (3.94%). This positions Spain as having the most attractive mortgage rates among major European economies.

Can foreign investors benefit from Spain's mortgage rates when buying property?

Yes, foreign investors can benefit from Spain's competitive mortgage rates, though they typically receive slightly higher rates than residents. Non-resident buyers can still secure favorable terms by meeting key requirements: maintaining a debt-to-income ratio below 35%, providing a larger down payment (30-40%), and choosing properties in high-demand areas with strong resale potential. The combination of low rates, stable economy, and average property prices under €2,000 per square meter makes Spain particularly attractive for international investors.

Easy downloadables charts on mortgage rates evolution in Europe

Bar chart comparing data for various mortgage rates for different European countries, with Ireland highest at 3.94. Includes Belgium, Netherlands, Finland, Germany, Italy, Portugal, Luxembourg, the EU logo “HTBIS,” and notably showcases Spanish mortgage rates alongside Spain’s performance.

The post Mortgage rates comparison in Europe appeared first on How to buy in Spain.

What are the best Spanish mortgage rates? January 2025 update

STEPHANE — Fri, 10 Jan 2025 07:56:49 +0000

Click on any flag to get an automatic translation from Google Translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten

What are the best Spanish mortgage rates?

Here is our December 2024 update with the latest data available

Leveraging our expansive network of local partners, we secure Spain’s most favourable mortgage rates for those looking to finance their homes. Throughout much of 2022, we observed significant discounts on mortgage rates as inflation surged while long-term rates remained subdued, thanks to the European Central Bank’s (ECB) efforts. Now, zoom forward to end-2024, inflation is more controlled (2.4% as of November 2024 – back to the low of the range over the last 3 years) and it looks like economies are suffering from the restricted monetary policy of the ECB. In this context, some market experts expect the central bank to lower rates. We can already see this impacting mortgage conditions and long-term rates.

To stay informed about the latest Spanish mortgage rate trends, it’s crucial to consult real-time data from the most recent mortgages issued in Spain. This insight allows you to understand the most competitive rates currently available. Foreigners must note that rates may vary since their assets are primarily overseas.

We’ve built the largest database to monitor fluctuations in this sector, enabling us to generate dynamic, engaging charts. The “Instituto Nacional de Estadísticas” (INE) has recently published the mortgage statistics for Spain as of September 2024, providing a clear view of the current market rates.

Thanks to our network of local partners, we get the best mortgage rates in Spain if you want to finance your home in Spain. Take 30 seconds to complete this quick form to get the best Spanish mortgage rates.

Spanish mortgage rates: our 2 minutes video

Would you like to watch this video in your language? Click at the bottom right of the video on “cc” to get subtitles in your language.
What are the current mortgage rates in Spain?

Current market conditions
- The average mortgage has an interest rate of 3.14% (vs 3.32% end of December 2023)
- The lowest rate ever was 2.44% reached in September 2020.
- The average rate for variable-rate mortgages is 2.92% (vs 3.07% end of December 2023)
- The average rate for fixed-rate mortgages is 3.3% (vs 3.54% end of December 2023)
Check the evolution of the mortgage rates (average, fixed and variable ) over the last years on our interactive chart (browse with the mouse to check data)

What are the best mortgage rates for our customers?

As of September 2024, our partner can get very good conditions for mortgages for our non-resident buyers:
- Fixed rates: from 2.85%
- Mixed solution: from 2.50% fixed for 5 years, after Euribor + 0.75%
- Variable rates: from 2.50% fixed for 1 year, after Euribor + 0.75%
And of course, they don’t stop with foreigners, our partner gets very competitive mortgage rates for Spaniards:
- Fixed rates: from 2.52% (if taking other products like insurance from the bank for instance,…)
- Mixed solution: from 1.50% fixed for 5 years, after Euribor + 0.60%
- Variable rates: from 1.35% fixed for 1 year, after Euribor + 0.25%
So, don’t hesitate to fill out this quick form if you want a free quote from our partner. They are specialized in working with foreigners looking for a mortgage in Spain. Please note that to get the best rates, banks add some conditions as in your home country.

Essential information on Spanish Mortgages for non-residents

As a non-resident, you can take a mortgage to finance your second home or your investment. Of course, as your assets won’t be based in Spain, the bank will need warranties and won’t allow a loan to value more than 70% in general. The Loan to value is the amount of mortgage you can get divided by the value of your property before tax, but this % is only for good inquiry. Don’t hesitate to ask for a free quote from our mortgage broker, he knows perfectly how it works and which Spanish banks love foreigners.

Don’t miss our new detailed article on that subject: Mortgage rates in Spain for non-residents: our detailed guide.

Get the best mortgage rate in Spain

Calculate the cost of your Spanish mortgage

Check our ultimate Spanish mortgage calculator.

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,…

We developed a detailed mortgage calculator: Payment schedule, monthly payments,…

What is the cost of a €100,000 mortgage over 10 years?

If you want to go into the details, here is a calculation example we did:

As you will see if you take a mortgage of €100,000 for 10 years with a rate of 3.5%, your monthly payment to reimburse your mortgage will be €989.

Thanks to our Spanish mortgage rate calculator, you can change any number and calculate what would be your situation.

Summary table of your monthly reimbursements for a €100.000 Mortgage

€100,000	10 Year	12 Year	14 Year	16 Year	18 Year	20 Year
Rates	120 months	144 months	168 months	192 months	216 months	240 months
1.50%	-€898	-€759	-€660	-€586	-€529	-€483
2.00%	-€920	-€782	-€683	-€609	-€552	-€506
2.50%	-€943	-€805	-€706	-€632	-€575	-€530
3.00%	-€966	-€828	-€730	-€656	-€600	-€555
3.50%	-€989	-€851	-€754	-€681	-€625	-€580
4.00%	-€1,012	-€876	-€778	-€706	-€650	-€606

Buy to let in Spain?

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 2023? If you see your property investment in Spain as an investment, adding some financing (without being crazy) will increase your return and decrease your costs.
Should I take a mortgage with fixed or variable rates?

Fixed-rate and variable-rate mortgages are the two main categories of mortgages you can pick. Of course, there are many other possibilities between the two.

Why would you take a fixed-rate mortgage?

A fixed-rate mortgage has the advantage that whatever the market conditions will do in the future, it will remain the same. To get that advantage, you will on average pay a higher rate than on a variable-rate mortgage, for instance, as of September 2024, mortgages with variable rates were issued at rates of 2.92% while those with fixed rates were issued with 3.30 % for an average length of 24 years.

Why would you take a mortgage with a variable rate?

It could be because it is less expensive than a mortgage with fixed rates (monthly instalments) because you don’t see inflation or rates going higher or because you are comfortable financially and can face higher rates in the future. Another reason variable rates cost less than fixed rates is that for the banks issuing them, it matches their sources of funds (savings accounts) and they take less risks by issuing them rather than fixed rates mortgages.
To sum up, if you want safety, take a fixed-rate mortgage. If you see inflation spiking or interest rates going higher (in general due to a strong economy) you could as well go for a fixed-rate mortgage. Of course, the longer your mortgage is the higher your risk will be.
Don’t hesitate to ask your Spanish mortgage broker for pricing with both and compare both offers.

Inflation update since the start of 2023

After the big inflation spike of 2022 around the world and in Spain, inflation in Spain is moderating finally to +2.2% as of August 2024. We note that since 2022, the trend changed clearly and the majority of mortgages are issued with fixed rates. We kept telling you in 2022, to lock in those crazy long-term rates levels… remember our chart:

Maybe some people see a real risk of inflation staying high, which in turn should increase the variable rates. Since June 2023, we still see the fixed rates as leading the mortgage initiations but we are going back towards a 50/50 split between variable and fixed rates. As of mid-2024, with long-term rates decreasing and with inflation decreasing, we see that fixed rates are back on the top of the list. Check our interactive chart on that.

Check the evolution of the percentage of mortgages with fixed and variable rates with the inflation rate

We wrote a completely new article on that subject: “Fixed or variable mortgage for my Spanish home?“
How do you secure the best mortgage rates in Spain?

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 and follow the link or listen to our 2 minutes video on how to apply for your mortgage up to the end and get all our tips to get the best rates:

You have to ask yourself this question: What is the ideal mortgage customer for a bank? The bank will take a risk, the risk of not being repaid and in this case, the bank will need to take legal action to control your property and will sell it afterwards on the market. We saw what happened after the financial crisis of 2008: thousands of properties finished in the hands of the banks as owners couldn’t pay their mortgages.

The ideal mortgage customer for a Spanish bank
- has a good professional profile: he is employed and has a stable nice income stream,
- has a good credit report, he does not have too much debt vs. his income,
- can afford to have debts: his debt to income ratio is under 35 %, which means that his monthly net income is 3 times bigger than his monthly debt repayments,
- the property has a good resale value:
  1. the property price is correct vs. the market
  2. there is demand in the market for such a property
- is coming from OECD countries, as you know, with anti-laundering laws that came into effect all over Europe, it is challenging for banks to give a loan to residents of certain countries. Of course, if you are a resident of the European Union, it will be the easiest.
How to get the best rates as a non-resident?

Get a free mortgage quote

At howtobuyinSpain.com, you are in good hands, we work with a mortgage broker who asks for the best mortgage prices for all the Spanish banks. Depending on your profile, certain banks will be more aggressive and others won’t be. Our mortgage partner knows that and they will go to the best bank or will ask for quotes from many Spanish banks to get you the best quote. They work with all the biggest Spanish banks: BBVA, Bankia, Santander,… Get a free mortgage quote from our partner.
Spanish mortgages Rates: Market Insights and Trends

381,560 mortgages issued in Spain over 2023

2022 was a record year for mortgage rates in Spain: 464,000 credits were issued. Even stronger than 2021 which was already strong. So, in 2023, with the rise of interest rates, the number of mortgages decreased by 18%, while at the same time, the number of transactions decreased by 19% (from 734,000 transactions in 2022 to 596,000 transactions in 2023).

A healthy market: Only 64% of properties are bought with a mortgage (vs 63% in 2022). In our opinion, the market is not over-leveraged. Have a quick look at the table for statistics since 2015. Yes, we are far from the high-leverage situation we had in 2007.

Historical evolution of Spanish mortgage rates & useful information
- The average mortgage duration is 24 years
- Only 6% of issued mortgages in Spain are bigger than 80% of the property value.
- 46% have variable interest rates (vs 35% in December 2022)
- 54% have fixed interest rates (vs 65% in December 2022)
- The average amount issued per mortgage is €140,451.
Check the evolution of the average amount issued per mortgage over the last year in Spain in our interactive chart
- How much leverage is given by banks? What is the average Loan to Value in Spain? (if your property value is 100% how big will your mortgage be?) The quick answer is 63%.
- 24,927 mortgages were issued -17% vs last year.
- 3.5 € Bn of mortgages issued for housing in December 2023, -19% vs last year.
Last but not least, it is always interesting to know the long-term rates and the Euribor, as those are the rates at which Spanish banks get financed. As you can see both short-term rates and long-term rates are exploding since the start of 2022.
Resources on Spanish mortgage rates

Discover the best new build projects in Spain

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Check out our latest articles on Spanish mortgage rates
- Spanish mortgages for non-residents: our detailed guide.
- Your definitive guide to your Spanish mortgage
- Our ultimate mortgage calculator
- Is it easy to get a Spanish mortgage as a foreigner in a post-COVID-19 world?
- How do I choose between fixed and variable rates for a mortgage?
All our interactive charts of this article are available in a downloadable format

Loan to value given on mortgages in Spain

Spanish mortgages with the best mortgage rate in Spain and loan value higher than 80%.

Current financing rates for Spanish banks

Average Spanish Mortgage Sizes in 2024

Spanish mortgage rates for non-residents vs properties sold in Spain for each year

Spanish mortgage rates: comparison between variable and fixed rates

Best Spanish mortgage rates in March 2024

Average Spanish mortgage length in years.

FAQ Spanish mortgage rates

How much deposit do I need for a Spanish mortgage?

For your second residence and as a non-fiscal resident, a bank will finance no more than 70 % of the value of your property. This means that you would need to invest at least 45% of the property value from your assets.

What is the interest rate in Spain?

As of December 2024, the average mortgage has an interest rate of 3.14%. The lowest rate ever was 2.44%, very close to the current level! The average mortgage duration is 24 years 39% have variable interest rates 61% have fixed interest rates. The average rate for variable-rate mortgages is 2.92%, and The average rate for fixed-rate mortgages is 3.3%. Read our dedicated article on that subject for more recent data.

Can foreigners get a mortgage in Spain?

Yes, foreigners can get a mortgage up to 70% of the Value of a property.

Can I get a Spanish mortgage?

It is very easy to get a mortgage in Spain. What are the documents requested? Your Passport / ID for all the applicants Your NIE: “Número de identificación fiscal para extranjeros” or Foreign Resident’s Tax Number. How do you get your NIE in Spain? What do you need to get it? Why do you need it? Last 3 paychecks with the contract of employment Proof of income/Contract A view of your assets and debts If it’s a new building: the “Deed for the new building” The private sale-purchase contract If you have a mortgage at home, land registry information on the property and the mortgage If pensioners: Official proof of annual income.

Here are the statistics for earlier years:

1. - - The Spanish mortgage rates situation for December 2021
      1. Average mortgage has an interest rate of 2.53%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 24 years
        
        32% have variable interest rates
        
        68% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.08%,
        
        The average rate for fixed-rate mortgages is 2.8%,
        
        The average amount issued per mortgage is €145,500: an increase of 1.9% vs last year.
        
        32,905 mortgages were issued +23% vs last year.
        
        4,8 € Bn of mortgages issued for housing in December 2021, +32% vs last year.
      The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
      1. Aragon, +33% to 1.159 mortgages
        
        Extremadura, +29% to 683 mortgages
      The top region in terms of amounts of mortgages issued (Annual)
      1. Balears, 211m€, +116%
        
        La Rioja, 19m€, +77%
        
        Aragon, 169m€, +70%

The Spanish mortgage rates situation for October 2021

1. - - 1. Average mortgage has an interest rate of 2.48%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 24 years
        
        33% have variable interest rates
        
        67% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.11%,
        
        The average rate for fixed-rate mortgages is 2.7%,
        
        The average amount issued per mortgage is €137,900: an increase of 1.9% vs last year.
        
        33,105 mortgages were issued +67% vs last year.
        
        4,6 € Bn of mortgages issued for housing in August 2021, +70% vs last year.

The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):

1. - - 1. Navarra, +77% to 510 mortgages
        
        Murcia, +7% to 1,099 mortgages
        
        Andalusia, +2% to 6,589 mortgages

The top region in terms of amounts of mortgages issued (Annual)

- - - - Madrid, 1.2bn€, +89%
        
        Andalusia, 793m€, +89%
        
        Catalonia, 863m€, +87%
  - The Spanish mortgage rates situation for February 2021
    1. 1. Average mortgage has an interest rate of 2.49%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 24 years
        
        47.3% have variable interest rates
        
        52.7% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.16%,
        
        The average rate for fixed-rate mortgages is 2.88%,
        
        The average amount issued per mortgage is €131,380: an decrease of 13.8% vs last year.
        
        31,647 mortgages were issued -23.1% vs last year.
        
        4,1 € Bn of mortgages issued for housing in February 2021, -29.9% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
    1. 1. Murcia, +45% to 1007 mortgages
        
        La Rioja, +40% to 215 mortgages
        
        Valencian Community, +24% to 3600 mortgages
    The top region in terms of amounts of mortgages issued (Annual)
    1. 1. Navarra, 54m€, +19%
        
        La Rioja, 18m€, +16%
        
        Gallicia, 116m€, +13%
  - The Spanish mortgage rates situation for January 2021
    1. 1. Average mortgage has an interest rate of 2.47%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 24 years
        
        48.8% have variable interest rates
        
        51.2% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.17%,
        
        The average rate for fixed-rate mortgages is 2.81%,
        
        The average amount issued per mortgage is €129,003: an increase of 13.5% vs last year.
        
        27,518 mortgages were issued -31.6% vs last year.
        
        3,5 € Bn of mortgages issued for housing in January 2021, -22.4% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
    1. 1. Navarra, +63% to 458 mortgages
        
        Balears, +27% to 643 mortgages
        
        La Rioja, +24.4% to 153 mortgages
    The top region in terms of amounts of mortgages issued (Annual)
    1. 1. Cantabria, 40m€, +0%
        
        Catalonia, 758m€, -7%
        
        Castilla y Leon, 126m€, -9%
  - The Spanish mortgage rates situation for December 2020
    1. 1. Average mortgage has an interest rate of 2.53%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 24 years
        
        51.6% have variable interest rates
        
        48.4% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.20%,
        
        The average rate for fixed-rate mortgages is 2.97%,
        
        The average amount issued per mortgage is €135,658: an increase of 9.2% vs last year.
        
        26,128 mortgages were issued -14.8% vs last year.
        
        3,5 € Bn of mortgages issued for housing in December 2020, -7% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
    1. 1. Cantabria, +9.3% to 354 mortgages
        
        Extremadura, +4.8% to 551 mortgages
        
        Aragon, +0.2% to 862 mortgages
    The top region in terms of amounts of mortgages issued (Annual)
    1. 1. Aragon, 111m€, +62%
        
        Castilla y Leon, 118m€, + 38%
        
        Galicia, 123m€, +34%
  - The Spanish mortgage rates situation for November 2020
    1. 1. Average mortgage has an interest rate of 2.45%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 24 years
        
        52.6% have variable interest rates
        
        47.4% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.05%,
        
        The average rate for fixed-rate mortgages is 2.86%,
        
        The average amount issued per mortgage is €136,676: an increase of 5.5% vs last year.
        
        28,756 mortgages were issued +2.4% vs last year.
        
        3,9 € Bn of mortgages issued for housing inNovember 2020, +3% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
    1. 1. Pais Vasco, +19% to 1729 mortgages
        
        Cantabria, +16% to 324 mortgages
        
        Catalonia, +15% to 4711 mortgages
    The top region in terms of amounts of mortgages issued (Annual)
    1. 1. Castilla – La Mancha, 115m€, +32%
        
        Aragon, 97m€, +31%
        
        Galicia, 104m€, +21%
  - The Spanish mortgage rates situation for October 2020
    1. 1. Average mortgage has an interest rate of 2.47%
        
        The lowest rate ever was 2.44% reached in Nov 2020!
        
        The average mortgage duration is 25 years
        
        51.1% have variable interest rates
        
        48.9% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.19%,
        
        The average rate for fixed-rate mortgages is 2.85%,
        
        The average amount issued per mortgage is €134,900: an increase of 4.6% vs last year.
        
        28,248 mortgages were issued -5.9% vs last year.
        
        3,8 € Bn of mortgages issued for housing in October 2020, -1.6% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):
    1. 1. Castilla y Leon, +28% to 1226 mortgages
        
        La Rioja, +26% to 179 mortgages
        
        Navarra, +21% to 332 mortgages
    The top region in terms of amounts of mortgages issued (Annual)
    1. 1. Extremadura, 40m€, +29%
        
        Aragon, 93m€, +23%
        
        Asturias, 46m€, +19%
  - The Spanish mortgage rates situation for September 2020
    1. 1. Average mortgage has an interest rate of 2.44%
        
        The lowest rate ever was 2.44% reached in Nov 2019!
        
        The average mortgage duration is 24 years
        
        51.5% have variable interest rates
        
        48.5% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.12%,
        
        The average rate for fixed-rate mortgages is 2.84%,
        
        The average amount issued per mortgage is €135,035: a decrease of 1% vs last year.
        
        26,878 mortgages were issued 18.4% vs last year.
        
        3,6 € Bn of mortgages issued for housing in September 2020, +17.2% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued:
    1. 1. Madrid, +66% to 5,077 mortgages
        
        Balearic Islands, +63% to 823 mortgages
        
        Catalonia, +42.4% to 3,968 mortgages
    The top region in terms of amounts of mortgages issued
    1. 1. Extremadura, 51m€, +220%
        
        La Rioja, 13m€, +106%
        
        Cantabria, 39m€, +106%
        
        Asturias, 55m€, +105%
  - The Spanish mortgage rates situation for August 2020
    1. 1. Average mortgage has an interest rate of 2.49% (vs 2.54% last month)
        
        The lowest rate ever was 2.47% reached in Nov 2019!
        
        The average mortgage duration is 24 years
        
        50.6% have variable interest rates
        
        49.4% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.18%,
        
        The average rate for fixed-rate mortgages is 2.87%,
        
        The average amount issued per mortgage is €134,700: an increase of 4% vs last year.
        
        19,825 mortgages were issued -3% vs last year.
        
        3,7 € Bn of mortgages issued for housing in August 2020, +0.5% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued:
    1. 1. Navarra, +32% to 286 mortgages
        
        Castilla – La Mancha, +15% to 981 mortgages
        
        Cantabria, +12% to 279 mortgages
    The top region in terms of amounts of mortgages issued
    1. 1. La Rioja, 15m€, +145%
        
        Canarias, 126m€, +91%
        
        Castilla – La Mancha, 94m€, +49%
        
        Extremadura, 33m€, +34%
    1. The Spanish mortgage rates situation for July 2020
      1. Average mortgage has an interest rate of 2.54% (vs 2.49% last month)
        
        The lowest rate ever was 2.47% reached in Nov 2019!
        
        The average mortgage duration is 23 years
        
        47.5% have variable interest rates
        
        52.5% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.27%,
        
        The average rate for fixed-rate mortgages is 2.86%,
        
        The average amount issued per mortgage is €132,346: an increase of 8.9% vs last year.
        
        26,014 mortgages were issued -23% vs last year.
        
        3,4 € Bn of mortgages issued for housing in July 2020, -16% vs last year.
      The top 3 regions with the biggest increases for the number of mortgages issued:
      1. La Rioja, +51% to 202 mortgages
        
        Canarias, +45% to 1,221 mortgages
        
        Valencian community, +31% to 3,341 mortgages
      The top region in terms of amounts of mortgages issued
      1. Basque Country, 282m€, +33%
    The Spanish mortgage rates situation for June 2020
    1. 1. Average mortgage has an interest rate of 2.5% (vs 2.49% last month)
        
        The lowest rate ever was 2.47% reached in Nov 2019!
        
        The average mortgage duration is 23 years
        
        54% have variable interest rates
        
        46% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.11%,
        
        The average rate for fixed-rate mortgages is 2.96%,
        
        The average amount issued per mortgage is €131,670: an increase of 7.5% vs last year.
        
        26,748 mortgages were issued -13% vs last year.
        
        3,5 € Bn of mortgages issued for housing in June 2020, -6% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
    1. 1. Basque Country, +129% to 2,811 mortgages
        
        Extremadura, +79% to 562 mortgages
        
        Murcia, +59% to 798 mortgages
    The top regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Basque Country, 366m€, +95%
        
        Extremadura, 45m€, +85%
        
        Murcia, 68m€, +57%
    The Spanish mortgage rates situation in May 2020
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.49% (vs 2.48% last month)
        
        The lowest rate ever was 2.47% reached in Nov 2019!
        
        The average mortgage duration is 23 years
        
        50.5% have variable interest rates
        
        49.5% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.11%,
        
        The average rate for fixed-rate mortgages is 3%,
        
        The average amount issued per mortgage is €127,145: an increase of 3.2% vs last year.
        
        25,538 mortgages were issued -27% vs last year.
        
        3.2 € Bn of mortgages issued for housing in May 2020, -29% vs last year.
    The top regions with the biggest increases for the number of mortgages issued are (monthly changes):
    1. 1. Andalusia, +6.8% to 5,580 mortgages
        
        Basque Country, +6.5% to 1,221 mortgages
        
        Galicia, +6.4% to 820 mortgages
    The top region in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Murcia, 56.8 M€, +22%
    The Spanish mortgage rates situation in April 2020
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.48% (vs 2.56% last month)
        
        The lowest rate ever was 2.47% reached in Nov 2019!
        
        The average mortgage duration is 24 years
        
        48.4% have variable interest rates
        
        51.6% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.13%,
        
        The average rate for fixed-rate mortgages is 2.86%,
        
        The average amount issued per mortgage is €125,300: an decrease of 1.2% vs last year.
        
        23,840 mortgages were issued -18% vs last year.
        
        3 € Bn of mortgages issued for housing in April 2020, -19% vs last year.
    The 3 regions with the biggest decreases for the number of mortgages issued are (monthly changes):
    1. 1. Andalusia, +6.8% to 5,580 mortgages
        
        Basque Country, +6.5% to 1,221 mortgages
        
        Galicia, +6.4% to 820 mortgages
    The top region in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Murcia, 56.8 M€, +22%
    The Spanish mortgage rates situation in March 2020
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.56%
        
        The lowest rate ever is 2.47% reached in November 2019!
        
        The average mortgage duration is 23 years
        
        47% have variable interest rates
        
        53% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.21%,
        
        The average rate for fixed-rate mortgages is 2.92%,
        
        The average amount issued per mortgage is €127,888: an increase of 1.6% vs last year.
        
        26,382 mortgages were issued -15% vs last year.
        
        3.4 € Bn of mortgages issued for housing in March 2020, -13% vs last year.
    The top region with the biggest increases for the number of mortgages issued are (monthly changes):
    1. 1. La Rioja, +44% to 254 mortgages
    The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Aragon, 93 M€, +48%
        
        Asturias, 57 M€, +24%
        
        Cantabria, 34M€, +8%
    The Spanish mortgage rates situation in February 2020
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.64% (vs 2.55% last month)
        
        The lowest rate ever is 2.47% reached in November 2019!
        
        The average mortgage duration is 23 years
        
        62% have variable interest rates
        
        37% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.47%
        
        The average rate for fixed-rate mortgages is 3.02%
    The 3 regions with the biggest decreases for the number of mortgages issued are (monthly changes):
    1. 1. Navarre, -45% to 373 mortgages
        
        Asturias, -38% to 694 mortgages
        
        Canary Islands, -31% to 1.035 mortgages
    The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Catalonia, 2.378 M€, +200%
        
        Andalusia, 1.109 M€, +57%
        
        Aragon, +30%
    The Spanish mortgage rates situation in January 2020
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.55% (vs 2.53% last month)
        
        The lowest rate ever is 2.47% reached in November 2019!
        
        The average mortgage duration is 22 years
        
        58% have variable interest rates
        
        42% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.22%
        
        The average rate for fixed-rate mortgages is 3.05%
    The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
    1. 1. Balearic Islands, +144% to 1.494 mortgages
        
        Asturias, +134% to 1.120 mortgages
        
        Castilla y Leon, +111% to 1.884 mortgages
    The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. La Roja, 20 M€, +84%
        
        Navarre, 71 M€, +75%
        
        Balearic Islands, +74%
    The Spanish mortgage rates situation in December 2019
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.53% (vs 2.47% last month)
        
        The average mortgage rate decreased by 5% vs 1 year ago
        
        The lowest rate ever is 2.47% reached in November 2019!
        
        The average mortgage duration is 23 years
        
        56% have variable interest rates
        
        44% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.2%, 9.1% less than 1 year ago
        
        The average rate for fixed-rate mortgages is 3.06%, 2.6% more than 1 year ago
    The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
    1. 1. Castilla – La Mancha, +97% to 1.952 mortgages
        
        Canary Islands, +55% to 1.824 mortgages
        
        Madrid, +23% to 6.787 mortgages
    The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Castilla – La Mancha, 143 M€, +137%
        
        Madrid, 1.114 M€, +57%
        
        Canary Islands, +54%
    The Spanish mortgage rates situation in November 2019
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.47% (vs 2.5% last month)
        
        The average mortgage rate decreased by 6.1% vs 1 year ago
        
        The lowest rate ever is the current rate 2.47%!
        
        The average mortgage duration is 24 years
        
        57.3% have variable interest rates
        
        42.7% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.15%, 12.1% less than 1 year ago
        
        The average rate for fixed-rate mortgages is 3.01%, 0.3% more than 1 year ago
        
        The average amount issued per mortgage is €129,800: a decrease of 2.1% vs last year.
        
        29,416 mortgages were issued -0.5% vs last year.
        
        3.8 € Bn of mortgages issued for housing in October 2019, -0.9% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
    
    All the regions noticed a month on month decrease
    
    Here are the most noticeable regions:
    1. 1. Extremadura, +26.4% to 526 mortgages
        
        Cantabria, +13.6% to 376 mortgages
        
        Valencia Community, +12.8% to 3614 mortgages
    The top 3 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Extremadura, 48 M€, +72%
        
        Balearic Islands, 200 M€, +37%
        
        Cantabria, 43 M€, +36%
    The Spanish mortgage rates situation in October 2019
    
    Best mortgage conditions in Spain?
    1. 1. Average mortgage has an interest rate of 2.50% (vs 2.51% last month)
        
        The average mortgage rate decreased by 5% vs 1 year ago
        
        The lowest rate ever is the current rate 2.50%!
        
        The average mortgage duration is 24 years
        
        54.7% have variable interest rates
        
        45.3% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.09%, 11.2% less than 1 year ago
        
        The average rate for fixed-rate mortgages is 3.02%, 1.4% less than 1 year ago
        
        The average amount issued per mortgage is €129,000: a decrease of 2.1% vs last year.
        
        29,691 mortgages were issued -1.1% vs last year.
        
        3.8 € Bn of mortgages issued for housing in September 2019, -1.1% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
    
    All the regions noticed a month on month decrease
    
    Here are the most noticeable regions:
    1. 1. La Rioja, +127% to 186 mortgages
        
        Extremadura, +92% to 416 mortgages
        
        Cantabria, +80% to 331 mortgages
    The top 5 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Madrid, 936 M€, -12%
        
        Catalonia, 788 M€, -12%
        
        Andalusia, 660 M€, +8%
        
        Valencia Community, 327 M€, +20%
        
        Basque Country, 235 M€, +20%
    The Spanish mortgage rates situation in September 2019
    1. 1. Average mortgage has an interest rate of 2.51% (vs 2.55% last month)
        
        The average mortgage rate decreased by 3% vs 1 year ago
        
        The lowest rate ever is the current rate 2.51%!
        
        The average mortgage duration is 24 years
        
        63.4% have variable interest rates
        
        36.6% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.13%, 9.3% less than 1 year ago
        
        The average rate for fixed-rate mortgages is 3.16%, 2.5% less than 1 year ago
        
        The average amount issued per mortgage is €135,452: a increase of 5.3% vs last year.
        
        22,488 mortgages were issued -29.9% vs last year.
        
        3 € Bn of mortgages issued for housing in August 2019, -29.9% vs last year.
    The top 3 regions with the biggest increases for the number of mortgages issued are (monthly changes):
    1. 1. Navarre, +50% to 328 mortgages
        
        Madrid, +47% to 4,708 mortgages
        
        Castilla La Mancha, +26% to 897 mortgages
    The top 5 regions in terms of amounts of mortgages issued are (change vs 1 year ago):
    1. 1. Madrid, 936 M€, -27%
        
        Catalonia, 545 M€, -28%
        
        Andalusia, 463 M€, -29%
        
        Valencian Community, 255 M€, -29%
        
        Basque Country, 203 M€, -21%
    The Spanish mortgage rates situation in August 2019
    1. 1. Average mortgage has an interest rate of 2.55% (vs 2.56% last month)
        
        The average mortgage rate decreased by 3% vs 1 year ago
        
        The lowest rate ever is the current rate 2.55!
        
        The average mortgage duration is 23 years
        
        60.7% have variable interest rates
        
        39.3% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.21%, 3.2% less than 1 year ago
        
        The average rate for fixed-rate mortgages is 3.18%, 1.5% more than 1 year ago
        
        20,385 mortgages were issued -29.9% vs last year.
        
        The average amount issued per mortgage is €128,501: a increase of 5% vs last year.
        
        2,6 € Bn of mortgages issued for housing in August 2019, -29.9% vs last year.
    The top 3 regions with the biggest decreases for the number of mortgages issued are (monthly changes):
    1. 1. La Rioja, -72% to 74 mortgages
        
        Extremadura, -57% to 279 mortgages
        
        Castilla La Mancha, -53% to 714 mortgages
    The top 3 regions with the biggest decreases in terms of amounts of mortgages issued are (yearly change):
    1. 1. La Rioja, -65% to 6m issued
        
        Extremadura, -56% to 23m issued
        
        Canariasa, -45% to 66m issued
    The Spanish mortgage rates situation in July 2019
    1. 1. Average mortgage has an interest rate of 2.56% (vs 2.57% last month)
        
        The average mortgage rate decreased by 1.2% vs 1 year ago
        
        The lowest rate ever is the current rate 2.56!
        
        The average mortgage duration is 23 years
        
        58.1% have variable interest rates
        
        41.9% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.14%, 7.3% less than 1 year ago,
        
        The average rate for fixed-rate mortgages is 3.16%, 2.8% less than 1 year ago,
        
        The average amount issued per mortgage is €121,414: a decrease of 2,5% vs last year.
        
        33,344 mortgages were issued +13.1% vs last year.
        
        6,3 € Bn of mortgages issued for housing in July 2019, +15.2% vs last year.
    The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):
    
    For a first time since long, all the regions suffer a month on month negative growth. The one with the smallest decreases are
    1. 1. La Rioja, +79.3% to 269 mortgages
        
        Castilla La Mancha, +44% to 1,508 mortgages
        
        Asturias, +37% to 671 mortgages
    The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
    1. 1. Extremadura, +45.9% to 652 mortgages
        
        Castilla La Mancha, +38% to 1,508 mortgages
        
        Castilla y Leon, +33.9% to 1,430 mortgages
    The Spanish mortgage rates situation in June 2019
    1. 1. Average mortgage has an interest rate of 2.57% (vs 2.62% last month)
        
        The average mortgage rate decreased by 3% vs 1 year ago
        
        The lowest rate ever is 2.57!
        
        The average mortgage duration is 24 years
        
        55.5% have variable interest rates
        
        44.5% have fixed interest rates
        
        The average rate for variable rate mortgages is 2.29%, 6.1% less than 1 year ago,
        
        The average rate for fixed-rate mortgages is 3.01%, 1.3% less than 1 year ago,
        
        The average amount issued per mortgage is €119,964: a increase of 3,7% vs last year.
        
        29,900 mortgages were issued -2.5% vs last year.
        
        3,6 € Bn of mortgages issued for housing in May 2019, -6.1% vs last year.
    The top 3 regions with the biggest growth for the number of mortgages issued are (monthly changes):
    
    For a first time since long, all the regions suffer a month on month negative growth. The one with the smallest decreases are
    1. 1. Region of Murcia, -2.6% to 824 mortgages
        
        Community of Navarra, -4.5% to 383 mortgages
        
        Basque country, -5.2% to 1,703 mortgages
    The top 3 regions with the biggest growth in terms of amounts of mortgages issued are (yearly change):
    1. 1. Community of Valencia, +16.9% to 3,748 mortgages
        
        Region of Murcia, +12% to 824 mortgages
        
        Basque country, +9.3% to 1,703 mortgages
    The Spanish mortgage rates situation in May 2019
    1. 1. 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):
    1. 1. Community of Navarra, +45.3% to 510 mortgages
        
        Aragon, +19.7% to 814 mortgages
        
        Asturias, +11.9% to 556 mortgages
    The Spanish mortgage rates situation in March 2019
    1. 1. 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):
    1. 1. 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):
    1. 1. 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
    1. 1. 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:
    1. 1. 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):
    1. 1. 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
    1. 1. 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:
    1. 1. The Community of Madrid, 65.503 mortgages with a growth of 14.9%
        
        The Andalusia, 65.431 mortgages with a growth of 8.6%
        
        Catalonia, 57.477 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
    1. 1. 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:
    1. 1. 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):
    1. 1. 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
    1. 1. 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):
    1. 1. 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
    1. 1. 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):
    1. 1. 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):
    1. 1. 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
    1. 1. 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):
    1. 1. 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):
    1. 1. 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
    1. 1. 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):
    1. 1. 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):
    1. 1. La Rioja, +123%
        
        Extremadura, +54%
        
        The community of Navarre, +37%
        
        Madrid, +28%
    The Spanish mortgage rates situation in August 2018
    1. 1. 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:
    1. 1. 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:
    1. 1. Extremadura, +61%
        
        Madrid, +29%
        
        Andalusia, +28%
        
        Basque country, +24%
    The Spanish mortgage rates situation in July 2018
    1. 1. 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:
    1. 1. 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:
    1. 1. La Rioja, +77.3%
        
        The region of Murcia, +43%
        
        Cantabria, +39.8%
        
        The Valencian Community, +39%
    The Spanish mortgage rates situation in June 2018
    1. 1. 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:
    1. 1. 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
    1. 1. 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:
    1. 1. 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

The post What are the best Spanish mortgage rates? January 2025 update appeared first on How to buy in Spain.

How do I choose between fixed and variable rates for a mortgage?

STEPHANE — Mon, 01 Nov 2021 20:01:47 +0000

Click on any flag to get an automatic translation from Google translate. Some news could have an original translation here: News Nouvelles Nieuws Noticias Nachrichten

How do I choose between fixed and variable rates for a mortgage?

Should I take a mortgage with fixed or variable rates?

Fixed-rate mortgages and variable-rate mortgages are the two main categories of mortgages you can pick. Of course, there are many other possibilities between the two.

Why would you take a fixed-rate mortgage?

A Fixed rate mortgage has the advantage that whatever the market conditions will do in the future, it will remain the same. To get that advantage, you will on average pay a higher rate than on a variable-rate mortgage, for instance, as of August 2021, mortgages with variable rates were issued at rates of 2.11% while those with fixed rates were issued with 2.7% for an average length of 24 years.

As we are writing, end 2021, Inflation rate is exploding in Spain: the level as of end October is 5,5%.

Why would you take a mortgage with a variable rate?

It could be because it is cheaper and because you don’t see inflation or rates going higher or because you are comfortable financially and can face higher rates. Another reason for variable rates to be cheaper is that for the banks issuing them, it matches their sources of funds (saving’s accounts).
So, to conclude, if you want safety, take a fixed-rate mortgage. If you see inflation spiking or interest rates going higher (in general due to a strong economy) you could as well go for a fixed-rate mortgages. Of course, the longer your mortgage is the higher your risk will be.
Don’t hesitate to ask to your Spanish mortgage broker a pricing with both and compare both offers.

November 2021 update

Due to inflation spiking around the world or due to the worldwide economic recovery (expectations), we see that while a year ago mortgages were initiated with variable rates, the trend just changed in 2021 and accelerated end 2021 so that now, 67% of mortgages are issued with fixed rates (as of August 2021). May be some people see a real risk of inflation spiking, which in turn should increase the variable rates.

Check the evolution of the percentage of mortgages with fixed and with variable rates

Are fixed mortgage rates cheaper than variable mortgage rates?

Check the evolution of the mortgage rates (average, fixed and variable )over the last year

Our other resources on “Spanish mortgage rates”

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

The post How do I choose between fixed and variable rates for a mortgage? appeared first on How to buy in Spain.

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Mortgage rates comparison in Europe

European Mortgage comparison Guide 2025: Complete analysis of Rates

European Mortgage Rate comparison

Comparing Mortgage Rates across Europe

Quick Mortgage Rate comparison

Key factors in Mortgage comparison

Key European Property Investment markets

Mortgage Rates in Germany: Market analysis and trends

German mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

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French mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

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Dutch mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

Mortgage Rates in Belgium: market features and opportunities

Belgian mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

Mortgage Rates in Ireland: market conditions and lending practices

Irish mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

Mortgage Rates in Italy: southern European perspective

Italian mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

Mortgage Rates in Luxembourg: financial center insights

Luxembourg mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

Mortgage Rates in Portugal: Mediterranean market analysis

Portuguese mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

Mortgage Rates in Finland: Nordic market perspective

Finnish mortgage rates vs. Spanish mortgage rates evolution over the last 20 years

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What are the best Spanish mortgage rates? January 2025 update

What are the best Spanish mortgage rates?

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Spanish mortgage rates: our 2 minutes video

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Calculate the cost of your Spanish mortgage

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Inflation update since the start of 2023

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Spanish mortgages Rates: Market Insights and Trends

381,560 mortgages issued in Spain over 2023

Historical evolution of Spanish mortgage rates & useful information

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FAQ Spanish mortgage rates

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Here are the statistics for earlier years:

The Spanish mortgage rates situation for December 2021

The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):

The top region in terms of amounts of mortgages issued (Annual)

The Spanish mortgage rates situation for October 2021

The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):

The top region in terms of amounts of mortgages issued (Annual)

The Spanish mortgage rates situation for February 2021

The top 3 regions with the biggest increases for the number of mortgages issued (Monthly):