Two weeks of hiatus due to the state of alarm have helped the figure of home mortgages in March It was located at levels of four years ago, March 2016. According to the INE data known this Wednesday, the number of mortgages on homes stood at 26,382, 14.6% less than in the same month of 2019.

With the year-over-year decline experienced in March, the most pronounced since September 2019, the home mortgage firm returned to negative year-on-year rates after three consecutive months of promotions.

The INE recalls that during the month of March, daily attention to the public in the Property Registries was carried out exclusively by email or by telephone.

The average amount of home mortgages increased 1.6% compared to March 2019, up to 127,888 euros, while the capital loaned fell by 13.3% in the interannual rate, to 3,373 million euros.

In monthly terms (March over February), the number of home mortgages sank 26.8%, while the capital loaned for this type of mortgages plummeted 46.9%. In both cases it is the biggest setbacks in a month of March in at least five years.

Fixed rate

47% of home mortgages were made at a variable rate and 53% were formalized at a fixed rate, the highest percentage of the entire series, started in 2006. The average interest rate at the beginning for home mortgages at a rate variable stood at 2.21%, compared to 2.92% for fixed rate.

The capital of the mortgages granted fell 7.1% compared to the same month of 2019, to 5,760 million euros, while the average amount of the mortgages constituted on the total properties was located in 161,783 euros, 10.7% more.

The average interest rate at the beginning for all farms stood at 2.59%, with an average term of 23 years. For variable-rate mortgages, which represent 48.5% of the total, the average interest rate was 2.25% at the beginning, while it stood at 3.06% for fixed-rate mortgages.

The Euribor It is the rate to which most variable rate mortgages refer both before the change (64.3%) and after (51.9%).

After the modification of conditions, both average interest of loans on fixed rate mortgages such as variable rate mortgages dropped nine tenths.