Spanish Mortgages 21454 in June 2015 Average Rate 3.41% 21 Years

15 September 2015, Comments 0

According to the Spanish Statistics Institute (INE) the number of mortgages on Spanish Properties in June is 21,454, 26.3% more than in the same month of 2014. In Cataluña, 2 713 mortgages were contracted in june 2014 the third Spanish region after Andalucia with 4 245 and Madrid 4 201.

The average value of Spanish mortgages is stable compared to last may at 103 626 euros.

93% of contracted mortgages in June 2015 are having a variable rate, 7% a fixed rate. The Euribor 1 year is the reference rate for variable rate for 91% of the mortgages.

As you can observe on the chart the Euribor 1 year rate is lower and lower currently seating at 0.16%, Spanish banks also seem to have lower their margin being at around 1% above euribor if you get a good deal as a first time buyer, 2% if you are a non-resident as we have heard.

The average interest rate for the first year of the mortgage is 3.41% (14% less than a year earlier when it was 3.88%) , while that the average maturity is for 21 years.

 

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