According to data released on Monday by the National Institute of Statistics (INE), the signing of mortgages on homes has been rising for eleven months in a row.
The average amount of mortgages on homes increased by 9.5% year-on-year at the start of the year, to 141,427 euros, while the capital loaned grew by 41.7%, to 5.117,5 billion euros, its highest figure in a January since 2011.
In the first month of the year, the average interest rate for total mortgage loans stood at 2.59%, with an average term of 23 years. For residential mortgages, the average interest rate was 2.54%, up from 2.44% a year earlier, with an average term of 24 years.
The average interest rate at the start was 2.21% for variable-rate mortgages on dwellings and 2.69% for fixed-rate mortgages (70% of those signed in January).
According to INE data, the number of mortgages on rural and urban properties (the latter include dwellings) increased by 25.7% in January 2022 compared to the same month in 2021, to a total of 46,946 loans.
The capital of the mortgage loans granted advanced by 35.1% in the first month of the year, to over 7.161,4 billion euros, while the average amount of the mortgages constituted on the total number of properties rose by 7.5% and totalled 152,547 euros.