Number of loans drop in October
October Mortgages in Spain decreased on September but remained on an upward trend over same month of last year and year to date accumulated.
Fixed rates are now the favoured product type
Fixed rate product type growth continued in the month with over 70% of all new loans in Spain being contracted on that basis.
Interest rates rise slightly
Average interest rates are slowly creeping up each month partly driven by a higher average rate for fixed rates over variable rates. As the percentage of fixed rate contracts grows this has an impact on total average rates. In terms of general rates the 12 month Euribor remains in negative territory.
Home improvement loans increase
More home owners also appear to be considering borrowing to improve their existing home rather than move. Spanish Banks should look to this market in a more flexible manner in 2022.
Read the full article:-Spanish fixed rate mortgages prominent in October
