House sales continue to grow in Spain and, as a consequence, so too do the number of mortgages. According to the INE, 43,378 mortgages were constituted over homes in March 2022, up by 18% compared to March 2021. The average amount loaned stood at 145,715 euros, representing an increase of 6.5 % YoY.
Mortgage interest rates
In terms of mortgages constituted over homes, the average interest rate in March was 2.53% and the average term was 25 years. 27.3% of home mortgages were variable rate products and 72.7% were fixed rates.
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