{"id":2866,"date":"2020-02-27T13:45:20","date_gmt":"2020-02-27T12:45:20","guid":{"rendered":"https:\/\/www.marbellaforsale.com\/blog\/?p=2866"},"modified":"2020-03-20T15:01:00","modified_gmt":"2020-03-20T14:01:00","slug":"home-mortgage-borrowing-up-in-2019","status":"publish","type":"post","link":"https:\/\/www.marbellaforsale.com\/blog\/home-mortgage-borrowing-up-in-2019\/","title":{"rendered":"Home Mortgage Borrowing Up in 2019"},"content":{"rendered":"
\"December

December saw a 43% increase in new mortgages<\/p><\/div>\n

In December, there were 30,285 new mortgage loans for home purchases, a massive 43% more than in December 2018.<\/strong> Compared to the previous month, the variation was +3.9%, according to figures released this week by the INE<\/a>.<\/p>\n

The average amount of those loans fell slightly to 122,079 euros, a 4.2% drop. The total amount of capital borrowed for home purchases in December reached 3,697.2 million euros, an annual increase of 37.1%.<\/p>\n

Interest Rates<\/h3>\n

For home mortgages taken in December, the average interest rate at the start of the loan term was 2.53%<\/strong> (3.5% lower than in December 2018) and the average term of the loans was 23 years. 56% of new loans began with a variable rate, with the other 44% on a fixed interest rate.<\/p>\n

The average interest rate at the beginning of the loan term was 2.2% for mortgages on variable-rates (a decrease of 9.1%) and 3.06% for fixed-rate mortgages (2.6% higher).<\/p>\n

Madrid and Catalonia Lend Most<\/h3>\n

The top three autonomous communities in terms of the number of new mortgages approved in December are Madrid (6,787), Andalusia (5,082) and Catalonia (4,207)<\/strong>.<\/p>\n

The same three communities loaned the highest amount of capital for new home mortgages, but in a different order. Madrid lent the most (1,114.2 million euros), followed by Catalonia (620.5 million) and Andalusia (588.7 million).<\/p>\n

The communities with the highest annual variation rates in mortgage borrowing are Castilla – La Mancha (136.8%), Madrid (57.5%) and the Canary Islands (54.3%).<\/p>\n

The communities with the highest annual variation rates in the number of new home mortgages are Castilla – La Mancha (167.8%), Canary Islands (129.1%) and Madrid (71.0%).<\/p>\n

On the other hand, La Rioja registered the only negative rate (\u20139.0%) and the Basque Country (2.1%) and Comunidad Foral de Navarra (16.8%) presented the smallest increases.<\/p>\n

2019 Results<\/h3>\n

The number of new home mortgages taken in the whole of 2019 was 357,720, 2.7% higher than the previous year<\/strong>.<\/p>\n

The average amount borrowed for buying a home in Spain<\/a> in 2019 was 125,007 euros, 0.6% higher than the previous year. The total amount of capital borrowed for a home mortgage throughout the year reached a massive 44,717.5 million, an increase of 3.3%.<\/p>\n

Geographical Distribution<\/h3>\n

The communities with the highest number of home mortgage loans during 2019 were Madrid (69,616), Andaluc\u00eda (67,845)<\/strong> and Catalonia (57,787).<\/p>\n

The communities in which the most capital was lent for home purchases were Madrid (11,739.5 million euros), Catalonia (8,562 million) and Andalusia (7,382.7 million).<\/p>\n

The communities with the highest annual increases in the number of home mortgages in 2019 were Castilla – La Mancha (17.9%), Valencia (6.8%) and Murcia (6.1%). On the other hand, Navarra (\u20139.4%), La Rioja (\u20136.1%) and the Balearic Islands (\u20133.6%) showed the greatest decreases.<\/p>\n

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