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The Signing of New Mortgages Continued at Record Highs in September But Interest Rates Started to Fall

INE compiled its figures for the month of September based on loans that were negotiated during previous months and so they do not yet include the change in trend that the ECB's second major hike in interest rates will cause in the market.

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The data on the constitution of new mortgages from the National Institute of Statistics still reflects the months of real estate euphoria (or perhaps the anticipation of problems). The figures published by the INE on Wednesday reflect a monthly increase in new signings of 20.1% and a year-on-year rise of 4.0%. This means 19 months of consecutive year-on-year increases, with more than 30,000 mortgages being signed per month.

Specifically, in September, 44,119 mortgages were signed, making it the best ninth month of a year since 2010 and the second-best month so far this year, since a similar figure of 44,165 mortgages signed was recorded in May.

Read the full article in Spanish.

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