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Spanish mortgage rates rise
Country: Spain
2 April 2009 Spanish mortgage interest rates have continued to rise, despite the fact that Euribor - the rate normally used to calculate mortgage payments in Spain – has fallen briskly to it’s lowest level on record, according to the National Institute of Statistics (NIS). The latest NIS figures released for January shows that the average mortgage interest rate that month was 5.64%, up 1.1% compared to December 2008. This is in spite of the fact that the Euribor dropped to 2.622% in January, down 24%. It is estimated that the Euribor fell to around 1.9% at the end of March, the lowest level ever. Banks are clearly profiting from higher mortgage interest rates by not passing on any of the savings from a falling Euribor in an attempt to balance their accounts. NIS research further reveals that the volume of new mortgages approved to buy property in Spain declined by 43.5% on an annual basis to 53,000 in January, culminating in a 52% year on year fall in the overall value of new home loans, while the average mortgage value fell 14.5% to €122,000 (£112,000). New mortgage approvals have fallen for 19 consecutive months, and are now 20% lower year on year.
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