The number of new mortgages taken for a home purchase in July was 18,706, representing a decrease of 14.9% when compared to the same month in 2015.
The average amount of those loans was 115,540 Euros, an annual increase of 10.1%, according to data released by the National Statistics Institute.
The value of mortgages taken on urban properties totalled 4,032.9 million euros. This represents a decrease of 11% when compared to July 2015. For home mortgages the total borrowed capital reached 2,161.3 million euros, an annual variation of -6.3%.
Mortgages taken on homes accounted for 51.3% of the total capital loaned in July.
Interest Rates
75.6% of new mortgages in July used a variable rate. The remaining 24.4% were on a fixed rate. The Euribor is the most commonly used reference rate in Spain, specifically in 93.9% of new mortgages.
The average interest rate at the start of the mortgage term was 3.23%, while the average term is 22 years.
When looking only at residential property, the average interest rate at the start of the term was 3.26%. This represents a decline of 3.5% when compared to July 2015.
By Autonomous Community
The highest number of mortgages granted on homes in July were Andalusia and Catalonia, both with 3,432. Madrid followed with 2,924 new mortgages.
The only community to register a positive annual variation was Catalonia with 0.9%, when compared to July 2015.
The communities to lend the most capital for residential property in July were Madrid (485.9 million euros), Catalonia (430.3 million euros) and Andalusia (338.8 million euros).
All communities registered negative annual variations for mortgages on homes. The smallest declines were in Murcia (-7.6%), Cantabria (-7.9%) and the Canary Islands (-14.3%).
The largest declines were in Asturias (-69.9%), Castilla-La Mancha (-42.8%) and the Basque Country (-42.0%).
