Press Release: Mortgage Statistics (M). September 2024. Provisional data.

Main results

The number of mortgages constituted on dwellings registered in land registries in September was 41,306, up 33.9% in the annual rate.
The average amount of mortgages on dwellings increased by 4.5% and stood at €150,528.
The average interest rate on new mortgages on dwellings was 3.14%.

More information

Annex of tables (includes information from the Autonomous Communities)
Detailed results

The number of mortgages constituted on dwellings was 41,306, 33.9% more than in September 2023. The average amount of these transactions was 150,528 euros, an increase of 4.5%.

The average amount per mortgage divided by the total number of properties registered in the land registers (from previously executed public deeds) decreased by 5.2%.

Mortgages constituted. September 2024

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Mortgage interest rate on dwellings

For mortgages on residential properties, the average interest rate was 3.14% and the average term was 25 years. 38.6% of residential mortgages were taken out at a variable rate and 61.4% at a fixed rate.

The average starting interest rate was 2.92% for variable rate residential mortgages and 3.30% for fixed rate mortgages.

Average interest rate on dwellings

Percentage

Mortgages with registration changes

The total number of mortgages with changes in their conditions recorded in the land registries increased by 15.7% in September in the annual rate.

Novations (or modifications with the same financial institution) increased by 40.0%. On the other hand, subrogations to the debtor (change of mortgagor) decreased by 58.6% and subrogations to the creditor (change of lender) by 76.8%.

Mortgages with registration changes. September 2024

77.0% of the 11,519 mortgages with changes in their terms and conditions were due to changes in the interest rates.

Results by Autonomous Community

The Autonomous Communities presenting the highest annual variation rates in the number of mortgages constituted on dwellings in September were Galicia (73.7%), Extremadura (55.6%) and La Rioja (50.3%).

Meanwhile, the Autonomous Communities with the smallest increases were Comunidad de Madrid (19.6%), Cataluña (28.6%) and Comunitat Valenciana (29.1%).

Monthly variation in the number of mortgages on dwellings. September 2024

Percentage

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Data revision and updating

The data for 2024 are provisional and will be reviewed when the data for the same period next year are published. All results of this operation are available on INEbase.

Methodological note

The Mortgage Statistics provide information on constitutions of mortgages, that is, on the number of new mortgages constituted on real estate properties during the reference month and the amount of new mortgage loans corresponding to said mortgages. All this information is broken down on the basis of various variables, such as the nature of the mortgaged property or the lending institution.

All the information on constitutions, changes and register cancellations of mortgages is obtained from the information contained in the Land Registers of the entire national territory. In order to facilitate comparisons, the data for 2003 are presented according to both the old and the new base.

Type of survey:: monthly continuous survey.
Population scope:: the registration of mortgages constituted, with changes or cancelled in the land registries.
Geographical scope:: the entire national territory, by Autonomous Communities and provinces.
Reference period of the results and the information:: the calendar month.
Classification:: rural and urban properties (dwellings, plots and other urban).
Collection method:: administrative registers from the Association of Land and Mercantile Registrars of Spain.

More information in the methodology and the standardized methodological report.

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. For more information see the section on Quality at INE and the Code of Best Practices on the INE website.