The mortgage company stops in Galicia

The number of home mortgages taken out in Galicia in 2022 as a whole was 15,701, although growth slowed to 8.7%, according to data published this Thursday by the National Institute of Statistics (INE). Meanwhile, the total number of mortgages in Spain reached 463,614, the highest figure since 2010, although growth slowed to 10.9%, less than half the 23.8% increase the previous year.

According to provisional data published this Thursday by the National Institute of Statistics (INE), the capital borrowed for these housing loans amounted to EUR 67,460.6 million after an increase of 17.3% on an annual basis, while the average amount increased by 5.8%, to 145,510 euros.

In December 2022 alone, 30,075 mortgage loans were signed for the purchase of a house, 8.8% less than a year earlier, which was the first decline after 21 months of growth. The average amount of these loans was 143,854 euros, 0.4% less than in December 2021, and the borrowed capital was reduced by 9.2% and amounted to 4,326.4 million euros.

Interest rates

The average interest rate on real estate mortgages was 2.67% in December, the highest since April 2018and 0.35 points lower than Euribor for that month, which was 3.02 percent.

34.5% of residential mortgages were set up with a variable rate and 65.5%, at a fixed rate, according to these data, which add that the average interest of those who signed a fixed rate was 2.93%, and those with a variable 2.18%, with an average term of 24 years. .

Total mortgages in 2022

Last year A total of 608,567 farms of all types were pledged (9% more)for which 95,852 million (16.1% more) were borrowed, with an average amount of 157,506 euros, 6.5% more, explains INE.

Of all these loans, 11,594 were related to the acquisition of rural farms, which is 12.8% less than the previous year. The capital borrowed for these operations decreased by 5.7%, to 2,111 million euros, and the average mortgage amounted to 182,144 euros (8.1% more). Urban farms represented 596,973 operations (9.6% more), and borrowed capital totaled EUR 93,741 million (16.7% more), with an average amount of 157,027 (6.6% more).

As for registration changes, the total number of mortgages with changed conditions that were registered in the land register in 2022 amounted to 151,535, which is 44.3% less than the previous year. With regard to the type of change of conditions, 124,042 novations (or modifications produced by the same financial entity) were registered, with a decrease of 45.6%. The number of deals in which the subject changed (subrogation to the creditor) decreased by 36.3%, and the number of mortgages in which the owner of the mortgaged item changed (subrogation to the debtor) decreased by 41.9%.

Andalusia, Catalonia and Madrid, leaders in mortgages

The communities with the highest number of mortgages placed on homes during 2022 were Andalucía (91,287), Cataluña (80,767) and Comunidad de Madrid (80,416). The communities in which more capital was borrowed to establish mortgages on homes are Comunidad de Madrid (€17,045.0 million), Cataluña (€13,718.4 million) and Andalucía (€11,376.7 million). In December alone, the order was the same as the whole year in terms of the number of residential mortgages, with Andalusia at the top (6,836), followed by Catalonia (5,282) and the Community of Madrid (4,401).