The number of home mortgages increased by 12% year-on-year in the month of June, reaching 42,767 loans. According to data from the National Institute of Statistics (INE), this is the highest figure in this period since 2010.
With the year-on-year advance in June, which moderates the figure registered in May by more than 12 points, the home mortgage firm has chained 16 months of consecutive year-on-year increases. In addition, the volume of loans has an advance of 17% in the first half of 2022. The capital loaned by banks and the average amount of mortgages also grow, with increases both in year-on-year terms and in the balance sheet from January to June.
In fact, the average amount of home mortgages increased by 6% year-on-year in June, to 147,539 euros, while the capital loaned grew by 18.7% to 6,309.8 million euros.
As explained by the person in charge of idealista/mortgages, Juan Villén, “the data for the month of June still maintain the growth path of the first semester, showing a certain slowdown compared to previous months, although it is surely the prelude to a second semester with a lower mortgage activity, due to higher financing costs and a new scenario of uncertainty. Fixed mortgages continue to be the clear majority option, and interest rates also remain at levels similar to previous months, not yet reflecting the increase in fixed mortgages, which we will see in the statistics for the coming months”.
Another striking fact from the statistics body is that the average interest rate for all home loans stood at 2.47%, above the 2.44% of the previous year, with an average term of 24 years. On the other hand, the fixed rate continues to be the protagonist, representing 73% of new operations, while the variables account for 27%.
Therefore, these data begin to show how the mortgage market is changing due to the turn in the monetary policy of the European Central Bank (ECB), the arrival of the first increases in the price of money in the eurozone since 2011 and the return of the Euribor to positive ground after six years. According to experts, these are factors that will be more noticeable in the statistics for the coming months.
Data by CCAA
The autonomous communities that registered the highest number of home mortgages in June 2022 were Madrid (8,026), Andalucía (7,918) and Cataluña (6,905).
In addition, they are also the regions in which banks have lent more capital for home purchases. Madrid once again leads the list with 1,799.8 million euros, followed by Cataluña (1,113.3 million) and Andalucía (1,018.1 million).
On the other hand, the communities with the highest annual variation rates in the borrowed capital are La Rioja (211.8%), Balearic Islands (47.4%) and Castilla y León (43%).