In May this year there were 34,883 new mortgages registered for housing purchases in Spain, 11.2% more year-on-year.
The total borrowed capital for the new home loans reached a massive 4,330.1 million euros, an annual increase of 16.8%, according to data from the INE.
Looking at all new mortgages taken in May, the average interest rate at the start of the loan term was 2.54% (2.5% lower than in May 2018), and the average term of the loans was 23 years. 60.6% of new mortgages were taken on a variable interest rate, and 39.4% on a fixed rate.
The average interest rate at the start for variable rate loans was 2.62% (7.3% lower than in May 2018). For fixed rate loans the average interest rate was 3.25% (4% higher).
For mortgages taken for buying a home, the average interest rate was 2.62% (0.6% higher than May last year) and the average term was 24 years. 57.4% of new housing mortgages were taken on a variable rate and 42.6% on a fixed rate. The number of fixed rate loans taken increased by 12.6% when compared to the same month in the previous year.
The average interest rate at the beginning was 2.34% for home mortgages on a variable rate (a decrease of 1.2%) and 3.1% for fixed rate mortgages (1.8% higher).
Results by Autonomous Community
The communities with the highest number of mortgages constituted on homes in May were Andalusia (6,572), Catalonia (6,042) and Madrid (5,816).
The highest amount of capital borrowed for the constitution of home mortgages was seen in Madrid (1,005.5 million euros), Catalonia (896.9 million) and Andalusia (732.8 million).
The communities with the highest annual variation rates in borrowed capital were Extremadura (41.9%), Castilla y León (40.4%) and Catalonia (28.4%).
Castilla y León (40.2%), the Balearic Islands (29.5%) and Extremadura (29.1%) were the communities with the highest annual rates in the number of new home mortgages
On the other hand, the communities with the lowest annual variation rates were the Canary Islands (–37.2%), Navarra (–11.3%) and the Basque Country (0.9%).