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Mortgages seal the best November since 2010 despite having put the brake on

Date: May 30, 2024 Time: 21:31:49

The rise in the Euribor, the index to which the vast majority of variable-rate mortgages in Spain are referenced, and the general increase in financing costs caused by the rise in rates that the European Central Bank has been applying since July appreciates in the march of the mortgage market. The granting of these loans rose 9.3% in November in year-on-year terms to 39,304, its highest figure since 2010, although this increase is four points lower than the one that was broken in October.

According to the data released this Wednesday by the National Institute of Statistics (INE), the home mortgage firm has already chained twenty-one consecutive months of year-on-year increases. The increase in financing costs causes the average amount of mortgages on homes to rise by 5.8% to 5,804.1 million euros.

In November 2022, the average interest rate for all mortgage loans stood at 2.73%, with an average term of 24 years. In the case of homes, the average interest was 2.55%, slightly above the 2.54% of a year earlier, with an average term of 25 years.

The entities came to vary their mortgage offer to accompany the rise in the price of money and this was perceived in the fact that 2021. Meanwhile, the mortgage loans that were signed at a variable rate were 34.6% of the total. The average interest rate at the beginning was 2.12% for variable-rate home mortgages and 2.80% in the case of fixed-rate ones.

A significant increase in sales

The Property Rights Transfer Statistics (ETDP) published just a few days ago by the INE showed how the real estate sector is resisting in 2022. Until November, home sales totaled 606,124, for which they increased by 22 .35% compared to the same period in 2019, before the coronavirus crisis broke out and unleashed the economic effects of the war in Ukraine. So, only a total of 470,632 were sold, a figure that was also surpassed in 2021 and is beaten again. The specific result of this month is also positive in the year-on-year comparison, given that the sale of registered homes increased by 10.8% compared to this period of 2021.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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