In order to understand previous levels of Spanish mortgage rates, you need to start with the facts: the data of previous months mortgages in Spain. This will help you to understand what the best mortgage rates are currently available. Of course, don’t forget, if you are a foreigner you must remember that as your assets are mainly abroad, your rate could be a little higher than the one reported here.
The “Instituto Nacional de Estadisticas”, INE, have recently released the Mortgage statistics of Spain for July 2019. It is very informative and will give you the current market rates.
The growth is very strong: the quantity of mortgages issued in Spain increased by 13.1% vs the same month one year ago… And there was a massive 46% yearly growth in the Extremadura region.
Current financing conditions for housing
- Average mortgage has an interest rate of 2.56% (vs 2.57% last month)
- The average mortgage rate decreased by 1.2% vs 1 year ago
- The lowest rate ever is the current rate 2.56!
- The average mortgage duration is 23 years
- 58.1% have variable interest rates
- 41.9% have fixed interest rates
- The average rate for variable rate mortgages is 2.14%, 7.3% less than 1 year ago,
- The average rate for fixed-rate mortgages is 3.16%, 2.8% less than 1 year ago,
- The average amount issued per mortgage is €121,414: a decrease of 2,5% vs last year.
- 33,344 mortgages were issued +13.1% vs last year.
- 6,3 € Bn of mortgages issued for housing in July 2019, +15.2% vs last year.