The average rate at which Spanish banks granted mortgages in September exceeded 4.3%, at its highest level since February 2009, when it stood at 4.324%, according to data from the Bank of Spain published on Friday.
Thus, the average rate on mortgage loans over three years for the purchase of free housing granted by banks in Spain rose for the nineteenth consecutive month to 4.305%, compared with 4.237% recorded in August. A year earlier, the average rate was 2.410%.
The average rate in September is an increase of just under seven basis points compared to August and 1.895 percentage points compared to September 2022.
Interest rate on mortgages granted in Spain
The average rate on mortgage loans between one and five years for the purchase of free housing granted by credit institutions in the euro area was 4.210% (referring to the previous month), compared with 4.140% a month earlier and 2.440% in the same month of 2022.
In this context, the 12-month Euribor rate, the index to which most Spanish mortgages are referenced, closed September at 4.149% compared to 4.073% in August and 2.233% in September 2022.