The home mortgage firm slows its growth in July to 2.3% despite setting a record in 12 years

MADRID, 28 Sep. (EUROPA PRESS) -

The number of mortgages constituted on homes increased by 2.3% last July compared to the same month of 2021, to add 35,918 loans, the highest number in a month of July since 2010, when more than 55,000 mortgages were signed, according to the data released this Wednesday by the National Institute of Statistics (INE).

Despite the fact that the total number of mortgages marked a record figure in 12 years in July, its year-on-year growth rate has been moderating in recent months. In fact, the increase in July (2.3%) is almost ten points lower than that experienced in June. Even with that, with the rebound in July, the home mortgage firm has chained 17 consecutive months of year-on-year increases.

The average amount of mortgages constituted on homes increased by 8.1% year-on-year in the seventh month of the year, to 146,445 euros, while the borrowed capital grew by 10.6%, to 5,260 million euros.

By autonomous communities, those that registered the highest number of mortgages constituted on homes in July 2022 were Catalonia (7,102), Andalusia (6,846) and Madrid (5,558).

At the intermonthly rate (July over June), home mortgages sank 16%, while borrowed capital fell 16.6%. In both cases they are their biggest decreases in a month of July in the last five years.

In the seventh month of the year, the average interest rate for all mortgage loans stood at 2.56%, with an average term of 24 years. In the case of homes, the average interest rate was 2.50%, down from 2.53% a year earlier, with an average term of 25 years.

24.6% of mortgages on homes were constituted last July at a variable rate, while 75.4% were signed at a fixed rate. The average interest rate at the beginning was 2.03% for home mortgages at a variable rate and 2.68% for fixed rate mortgages.