{"id":3045,"date":"2020-03-30T13:34:21","date_gmt":"2020-03-30T11:34:21","guid":{"rendered":"https:\/\/www.marbellaforsale.com\/blog\/?p=3045"},"modified":"2020-03-30T13:34:21","modified_gmt":"2020-03-30T11:34:21","slug":"home-mortgage-borrowing-up-in-january","status":"publish","type":"post","link":"https:\/\/www.marbellaforsale.com\/blog\/home-mortgage-borrowing-up-in-january\/","title":{"rendered":"Home Mortgage Borrowing Up in January"},"content":{"rendered":"
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Andalucia saw a 17.3% increase in home loans<\/p><\/div>\n

January saw a 6.1% increase in the number of new home mortgages.<\/strong> The average amount, however, fell by 5% to 114,691 euros, according to data released by the INE<\/a>.<\/p>\n

On all property types, the average amount also fell, with an average of 129,387 euros, 12.2% lower than the same month in 2019.<\/p>\n

The total amount of borrowed capital on home mortgages in January reached 4,509 million euros<\/strong>, a slight increase of 0.8% when compared to January 2019.<\/p>\n

Interest Rates<\/h3>\n

Across all property types, the average interest rate at the start of the loans taken in January was 2.56% and the average loan term was 20 years. 58.7% of the new mortgages were taken at a variable interest rate and 41.3% at a fixed rate.<\/p>\n

The average interest rate at the beginning of the loan term was 2.24% for variable rate mortgages and 3.14% for fixed rate mortgages.<\/p>\n

Looking only at mortgages taken for the purchase of a home, the average interest rate was 2.55%<\/strong> and the average term was 22 years. 58.2% of home mortgages are at a variable rate and 41.8% at a fixed rate.<\/p>\n

The average interest rate at the beginning of those new home loans is 2.22% for mortgages on variable rate and 3.05% for fixed rate mortgages.<\/p>\n

Results by Autonomous Communities<\/h3>\n

The communities with the highest number of new home mortgages in January were the Community of Madrid (8,160), Andalusia (7,173) and Catalonia (5,404).<\/p>\n

The number of new mortgages in Andalusia represents an increase of 17.3%<\/strong> when compared to January last year. When compared to the previous month, the increase is more notable at 41.4%<\/p>\n

The communities in which the most capital was borrowed for home loans are the Community of Madrid (1,231.8 million euros), Catalonia (791.4 million) and Andalusia<\/a> (707.9 million). Andalusia’s borrowing also represents increases<\/strong> with the monthly variation reaching a 20.2% increase.<\/p>\n

The highest annual variation rates in terms of the total capital borrowed are Navarra (58.7%), Extremadura (35.9%) and the Balearic Islands (33.9%). In contrast, the greatest decreases were registered in the Community of Madrid (\u201310.9%), the Basque Country (\u20139.0%) and Castilla – La Mancha (\u20138.3%).<\/p>\n

Looking at the number of new home mortgage approvals in January, the highest annual variation rates were seen in Asturias (90.8%), the Balearic Islands (70.9%) and Navarra (69.3%).<\/p>\n

On the other hand, the communities with the most significant negative annual variation rates are Madrid (\u201322.7%), Basque Country (\u201312.0%) and La Rioja (\u20135.9%).<\/p>\n

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