The number of mortgages on homes in September totaled 52,954, representing a fall of 15.9% over the same month in 2009. As the average loan amount signed, stood at 119,527 euros, 2.1% from a year earlier and 1.5% less than in August 2010, as shown by the latest data published by the National Institute of Statistics (INE).
This further decline in the provision of home mortgages is the fifth row within the sector, which seems to confirm the downward path of the mortgage market. In the first nine months of the year the mortgage credit also scored a cumulative year decrease of 3.5%.
formed in September, 82,911 mortgages on rural and urban (in the latter include dwellings), 20.8% compared with the same month last year and 7.2% more than in August. The average amount of mortgage constituted stood at 135,132 euros, 4.2% higher than the same month last year and 8.7% higher than that recorded in August 2010.
The value of mortgage loans signed on urban properties exceeded 10.474 million euros in September, representing an annual decrease of 15.8%. In housing, the capital loaned exceeded 6.329 million euros, 14.1% less than in September 2009.
Savings banks were the institutions that granted greater number of mortgage loans in September (49.4% of total), followed by banks (39.9%) and other financial institutions (10.7%). With regard to loan capital, banks granted 47.7% of the total, the savings for 41.5% and other financial institutions 10.8%.
The average interest rate in September stood at 3.75%, representing a decrease of 10.7% year on year and increased 1.6% compared to August. For entities, the average interest rate for mortgage loans of savings banks was 3.86% and the average term of 23 years. As for the banks, the average rate of mortgage loans was 3.65% and the average term of 23 years.
96.5% of the mortgages in September used a variable interest rate, compared with 3.5% fixed rate. Among the variables, the Euribor is ranked as the reference rate used in the creation of mortgages, in 90.5% of new contracts.
The total number of mortgages with changes in conditions in September totaled 44,962, 19.5% less than the same month in 2009. In the case of housing, the number of mortgages they have modified their conditions was 25,440, 21.1% less. Of total mortgages changes in conditions, 37.8% were due to changes in interest rates.
The percentage of mortgages at fixed interest rate was reduced after the change of conditions (from 7.9% to 1.6% of total), as most of these loans began to be referenced to a floating rate . Within the structure of interest rates, the Euribor was the main reference. After the modification of conditions, the average interest on loans decreased 3.35 points on fixed rate mortgages and 1.27 points on variable rate mortgages.
addition, in September the registers 42,744 mortgages were canceled, 5.1% more than the same month in 2009. The foreclosures on rural properties decreased by 29.8% and canceled on urban properties rose 6.7%. The foreclosures on homes rose by 8.6% year on year.
The number of farms with mortgage constituted by 100,000 in September was higher in La Rioja (360) and the Principality of Asturias (312), the only autonomy showed a positive variation rate (22.7%). By contrast, more negative developments experienced in Castilla-La Mancha (-39.3%), Murcia (-39.2%) and Canary (-30.7%).
The regions with the highest average amount mortgaged were Principality of Asturias (246,362 euros) and the Basque Country (189,476 euros). Which showed the highest rates of positive change were the Principality of Asturias (52.8%) and Murcia (30.6%). The most negative developments were recorded in Extremadura (-31.7%) and La Rioja (-28.8%).
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