June and July mortgage data
June and July saw increases in volume of new loans in Spain and capital left year on year.
The average loan size rose both months and in July it was the highest it has been for quite sometime.
July over June as is the normal seasonal trend saw a small fall back in numbers completed and capital lent despite the increased average loan size.
Spanish Banks start to rebuild books
Spanish Banks experienced a second consecutive month of a net gains to their mortgage books which is positive news after many years of the loan books reducing month on month.
Fixed rates have a surge
Fixed rate best buys saw a small surge in July taking 40.1% of the market. After stabilising around the 35% level this is the first month for a while where fixed rates have taken a higher percentage of all completions.
Average interest rates fell for both months with the variable rate for a 24 year term coming in at 2.36% and fixed rates over the same period reaching 3% for full term. Both are down on last year but the Euribor is now all be it slowly creeping up. The 12 month Euribor remains however in negative territory for yearly revisions and based on 0% by Spanish lenders for new completion.
Madrid improves year on year
Madrid is the star regional performer and for the last two months has in terms of volume beaten Andalusia which is unusual.
Read the full article:- Home loan news for July in Spain
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