Early repayments
Early repayments continued to outstrip newly granted mortgages. The mortgage portfolio in Spain totalled 492,975 million euros in April, which corresponds to a slight decrease of 0.01 % compared to March and 2.3 % compared to the previous year. This figure is the lowest since April 2006.
Interest rates
- New mortgages: The interest rate for new mortgages (NDER) was 3.51 % in April, two basis points higher than in March but 18 basis points lower than in April 2023.
- Average interest rate: The weighted average interest rate for outstanding mortgages was 3.69 %, one basis point lower than in March but 83 basis points higher than in April 2023.
The Spanish mortgage market showed a clear recovery in April with the highest volume of new mortgages in almost two years. Despite this upturn, early repayments remain higher than new loans granted, causing the total mortgage portfolio to fall slightly. Interest rates for new mortgages have fallen compared to the previous year, indicating that conditions for new borrowers could become more favourable.
