Mortgage base rates down in November, new lending up in September

spanish mortgage interest rates november 2017

Mortgage base rates in the Eurozone dropped to another record low in November 2017, whilst the latest data shows new mortgage lending rising for another month in September.

12-month Euribor – the rate used to calculate the majority of mortgage interest payments in Spain – came in at -0.189 in November, compared to -0.18 in October, a percentage difference of 5% (and 155% compared to the same month last year)

As a result, borrowers in Spain with annually resetting Spanish mortgages will see their mortgage payments fall by around €6 per month for a typical €120,000 loan with a 20 year term.

New residential mortgage lending rose 9.2% (yoy) in September to 29,388 new loans, according to the National Institute of Statistics. The average new loan value was up 9.6% to €123,649, and the average interest rate was 2.83% with an average term of 24 years.

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