Mark StücklinThe key figures from the Spanish mortgage market in Q1 2023 presented in charts.
Spanish Mortgage lending
There were 68,409 new residential mortgage loans signed in the first quarter of the year, down 23% on the same time last year, as illustrated in the first chart. Mortgage lending has now declined for two consecutive quarters to around pre-pandemic levels.
Spanish Mortgage values
The average new mortgage loan value fell by 4% to 146,870€ in March having now declined for three consecutive months, but smaller decline than February, when values fell 7%.
Spanish mortgage interest rates
12m-Euribor, the interest rate used for most mortgages in Spain, rose to 3.757% in April, the highest rate since 2008, meaning that monthly mortgage repayments on the average €120,000 20-year loan will go up by €217.
The average new mortgage signed in March had a starting interest rate of 2.99%, breaking down into 2.72% for variable-rate mortgages, and 3.15% for fixed-rates, with the spread between the two widening to 43 basis points, making variable-rate mortgages look relatively more attractive in the short-term.
63.9% of new mortgages signed in March were fixed-rate, and 36.1% variable-rate, with the latter gaining market share in recent months.
For Euribor forecasts for the remainder of the year see what to expect from Euribor mortgage base rates in 2023.
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