Spain is among the countries with the cheapest mortgages in Europe, despite the sharp increase in interest rates in recent months, according to data compiled by the European Mortgage Federation (EMF).
This group collects data from 12 European countries and, according to its latest statistical bulletin, Spain is the fourth country with the cheapest mortgages, with a weighted average interest rate of 2.02% in the third quarter of 2022. This figure is only behind Portugal (1.93%), France (1.59%) and Denmark (1.11%).
The unweighted average for the 12 countries in the EMF sample is 3.48%, up 69 basis points from the previous quarter.
In Spain, home ownership stands at 76.2%, higher than in countries where mortgages are cheaper, such as France (64.1%) and Portugal (73.9%). The lowest percentage is in Germany, with 51.1%.
In terms of new loans taken out in the third quarter of 2022, there is an increase in the proportion of fixed-rate mortgages in more countries. Consequently, in Belgium, 84.9% of new mortgages are signed at a fixed rate; in Spain, this percentage stands at 61.1% and in Germany, it dropped to 41%.
Despite the reference rate increase, the variable rate continues to be the majority in some countries, such as Finland (95.1%), Portugal (68.6%), Romania (65.5%) and Italy (52%).
Compare the best mortgages on idealista/mortgages and resolve your queries with us for free.
