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Mortgages reduce their growth to 4.5% due to inflation and rates

Madrid, June 24 (EFECOM).- The mortgage firm on homes increased by 4.5% in April, its lowest growth since February 2021, which was the fourteenth consecutive year-on-year, but which also represented a decrease of almost 23%. compared to the previous month. According to the experts consulted by EFE, the high inflation and the low expectations that it will improve due to the war are behind this monthly collapse, as the entities begin to make their rates more expensive, which adds to the imminent rise in interest rates in the euro zone to retract the mortgage applicant. For this last reason, more and more mortgage holders are trying to cover their backs with a fixed-rate loan, an option that three out of four chose in April, the maximum in the historical series of the National Institute of Statistics (INE), which today has published these data. Thus, the average interest rate on mortgages for house purchase was 2.52% in April, a percentage that was 2.50 points higher than the average Euribor for that month, which was –0.02%. In April, 33,423 mortgages were signed to buy a home, with an average amount of 142,253 euros, 2.2% more than in April 2021 and 22.9% less than last March. Likewise, the capital lent for this purpose by the different entities totaled 4,754 million euros, 6.8% more than a year earlier, but 24.8% less than in March. In total, in April mortgages were signed on 44,230 properties, both rural and urban, 2.3% more than a year earlier, but 23.4% less than the previous month, for which 7,043 million euros were lent, 20.1% more than in April 2021 and almost 21% less than in March. The average amount of mortgages on the total number of properties registered in the property registers in April (from public deeds carried out previously) was 159,242 euros, 5.1% higher than in the same month of 2021. CHANGES IN CONDITIONS In April, changes in the conditions of 13,034 mortgage contracts were recorded in the property registries, 40.9% less than a year earlier. Of all these modifications, 10,803 were novations (agreed with the same financial entity), with an annual decrease of 41.3%, while loans that changed entity (subrogations to the creditor) fell by 40.3% and those in Those that changed the owner of the mortgaged asset (subrogations to the debtor) fell by 32.8%. A quarter of all these operations, 25.4%, are due to changes in interest rates, specifically to go from variable to fixed, after which the percentage of fixed-rate mortgages increased from 21.8 % to 50.2%, while those signed at variable interest decreased from 76.9% to 45.9%, most of them with the Euribor as a reference. After the modification of conditions, the average interest on loans in fixed-rate mortgages decreased by 0.6 points and that of variable-rate mortgages fell by 0.2 points. ANDALUSIA AGAINST THE LEAD IN NUMBER OF MORTGAGES The Spanish autonomous community in which the most mortgages were constituted was Andalusia again (6,688), followed by Catalonia (6,141) and the Community of Madrid (5,598). Likewise, those in which more capital was lent for the constitution of mortgages on homes were the Community of Madrid (1,125.7 million euros), Catalonia (1,043.4 million) and Andalusia (815.7 million). The autonomous regions with the highest annual variation rates in the number of home mortgages were Castilla-La Mancha (29.4%), Balearic Islands (27.7%) and Aragón (16.4%). For its part, the lowest annual variation rates occurred in Extremadura (-12.7%), Comunidad de Madrid (-9.5%) and Comunidad Valenciana (-7.1%). (c) EFE Agency

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