Spain's mortgage market reached its highest July level in 15 years, with 45,067 new home loans signed during the month, representing a 25% increase compared to the same period last year. According to data from the National Statistics Institute (INE), this marks the thirteenth consecutive month of growth in mortgage activity and the strongest July performance since 2010. The sustained upward trend reflects continued momentum in the country's housing finance sector despite some moderation in the annual growth rate.
The average interest rate for home mortgages fell to 2.94% in July, down from 2.99% in June and significantly lower than the 3.25% recorded a year earlier. This represents the sixth consecutive month with rates below 3% and the lowest level since May 2025. The combination of favorable financing conditions and stable 25-year average loan terms has made housing more accessible to buyers, contributing to the market's robust performance.
Regional variations showed widespread growth across Spain's autonomous communities, with Aragón leading at a 79.72% increase, followed by La Rioja (45.00%) and the Canary Islands (43.40%). Only Navarra experienced a decline, with mortgage signings falling 2.36%. The total capital loaned for home purchases reached €7.36 billion nationwide, with the average mortgage amount rising to €163,307, a 7.6% increase year-over-year.
The mortgage composition shifted further toward fixed-rate products, which accounted for 70.01% of all new loans, while variable-rate mortgages represented 29.9%. This preference for stability comes as the European Central Bank maintains a accommodative monetary policy stance. The data also showed 36 creditor subrogations and 302 debtor subrogations, along with 324 loan modifications through novation, indicating active portfolio management by both lenders and borrowers.
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