Press Release: Mortgage Statistics (M). July 2024. Provisional data.

Main results

The number of mortgages on dwellings registered in the land registries in July was 36,260, 23.5% fewer in terms of the annual rate.
The average amount of mortgages on dwellings increased by 6.2% and stood at 151,944 euros.
The average interest rate on new mortgages on dwellings was 3.17%.

More information

Annex of tables (includes information from the Autonomous Communities)
Detailed results

The number of mortgages constituted on dwellings was 36,260, 23.5% more than in July 2023. The average amount of these transactions was 151,944 euros, an increase of 6.2%.

The average amount of the mortgages on the total number of properties recorded in the land registries (from previous public deeds) rose by 3.5%.

Mortgages constituted. July 2024

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Mortgage interest rate on dwellings

For residential mortgages, the average interest rate was 3.17% and the average term was 25 years. 41.0% of residential mortgages were taken out at a variable rate and 59.0% at a fixed rate.

The average starting interest rate was 2.99% for variable rate residential mortgages and 3.32% for fixed rate mortgages.

Average interest rate on dwellings

Percentage

Mortgages with registration changes

The total number of mortgages with changes in their conditions recorded in the land registries increased by 3.1% in July in the annual rate.

Novations (or modifications with the same financial institution) increased by 24.7%. Subrogations to the debtor (change of mortgagor) decreased by 73.7% and subrogations to the creditor (change of lending institution) by 77.4%.

Mortgages with registration changes. July 2024

81.2% of the 10,227 mortgages with changes in their terms and conditions were due to changes in the interest rates.

Results by Autonomous Community

The Autonomous Communities with the highest annual variation rates in the number of mortgages on dwellings in July were the Comunidad Foral de Navarra (63.3%), Cantabria (52.0%) and Galicia (40.2%).

On the other hand, the ones with the lowest percentages were Aragon (-12.9%), Illes Balears (-5.5%) and Andalucía (11.4%).

Monthly variation in the number of mortgages on dwellings. July 2024

Percentage

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Revision and updating of data

The data for 2024 are provisional and will be reviewed when the data for the same period next year are published. All results of this operation are available on INEbase.

Methodological note

The Mortgage Statistics provide information on constitutions of mortgages, that is, on the number of new mortgages constituted on real estate properties during the reference month and the amount of new mortgage loans corresponding to said mortgages. Since 2006, information on mortgage changes and cancellations is published. All this information is broken down on the basis of various variables, such as the nature of the mortgaged property or the lending institution.

All the information on constitutions, changes and register cancellations of mortgages is obtained from the information contained in the Land Registers of the entire national territory, by virtue of a collaboration agreement signed in 2004 between the two institutions. In order to facilitate comparisons, the data for 2003 are presented according to both the old and the new base.

Type of survey:: monthly continuous survey.
Population scope:: the registration of mortgages constituted, with changes or cancelled in the land registries.
Geographical scope:: the entire national territory, by Autonomous Communities and provinces.
Reference period of the results and the information:: the calendar month.
Classification:: rural and urban properties (dwellings, plots and other urban).
Collection method:: administrative registers from the Association of Land and Mercantile Registrars of Spain.

More information in the methodology and the standardized methodological report.

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. For more information see the section on Quality at INE and the Code of Best Practices on the INE website.