The signing of mortgage loans for homes reached its highest level since 2010 in June, with 45,907 formal loans registered, representing a rise of +10.8% compared to the same month last year, according to data published by the INE. Meanwhile, the average amount of mortgage loans for homes increased by 6% to 178,365 euros, its highest figure on record, while the increase in housing prices shows no signs of stopping. In the first half of the year, the granting of mortgages grew by 7%.
As for the average interest rate applied to new mortgages, it stood at 2.96% in June, two hundredths lower than in May.
This peak in mortgages coincided with the first interest rate hike by the ECB in three years to 2.25%, and another is expected in September. Considering that the mortgages in June began processing at least two months earlier, the effect of this hike has not yet been felt in the mortgage market. It is expected to be observed in the coming months.
Furthermore, it will be important to follow the evolution of the Euribor in light of the ongoing conflict in the Middle East, as financing conditions could tighten even further. For now, the benchmark indicator for mortgages returned to 3% last week, reaching this level for the second time in August. With this movement, the monthly average rises to 2.95%, representing the highest level recorded by the Euribor since September 2024.