The mortgage firm continues to grow, since in August of this year 33,105 mortgages were registered, 66.9% more year-on-year. According to the INE, this is the largest rise recorded in August since the historical series began in 2003, while the number of loans formalized is the highest in 11 years.
Another of the most outstanding data of the statistic is the great rebound that has been registered by the capital lent by banks via mortgages for the purchase of housing. In August, the amount exceeded 4,564 million euros, 70.1% more than in the same month of 2020. And it has been linked to six months with rates above 40%.
Juan Villén, head of the idealista / mortgages, explains that “the mortgage data for August maintains the dynamism of previous months, reflecting the high volume of home purchase transactions and the favorable scenario of low interest rates, which in this month they have returned to mark a new record of minimum rates in the variable mortgages, and almost equaling it in the fixed ones. These continue to be the preferred option in 2 out of 3 mortgages, given the uncertainty of the future evolution of rates given the pressure of current inflation, and supported by offers from banks with very advantageous conditions”.
So far this year, the number of registered loans has increased by 19%, while the capital loaned by banks rises by 20.5%. The average amount of mortgages also grew in the balance of 2021, although at a slower pace (1.2%).
In addition, according to the INE, the average interest rate on loans has been 2.48%. Although the figure is not the lowest in history, it does remain in the minimum area. In fact, it is the lowest interest rate since last February, a sign that the financial sector continues to lower prices to attract new customers via mortgages. The average fixed rate is 2.70% and the variable rate is 2.11%.
On the other hand, the fixed rate remains more less in line, despite having represented 67% of operations in August. This is because it has been above 60% for four months in a row, according to INE data.
