The average mortgage rate reaches its highest figure in 8 years in October

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The average rate at which Spanish entities granted mortgage credits in October it was from 2.66%the highest level recorded since the same month of 2014, according to data from the Bank of Spain collected by the Spanish Mortgage Association (AHE). Thus, the average rate of mortgage loans to more than three years for the acquisition of housing free license granted by entities in Spain rose, for the eighth consecutive month, to 2.66%, compared to the 2.41% registered in September. A year earlier, the average rate was 1.467%.

The rise occurs in a context in which the euryborthe index to which most Spanish mortgages are referenced, closed the month of October at 2.629%above the 2.233% registered in September, continuing with the upward trend that began at the beginning of 2022. For its part, the average rate of mortgage loans between one and five years for the acquisition of free housing granted by the entities of credit in the euro area rose to 2.59% (referring to the previous month), compared to the previous 2.44%.

The euro zone, with historical inflation levels

The euro zone, which includes the main economies of Europe, has skyrocketed its inflation rate up to 10.7%, an unusual figure since the euro began to circulate. To cool down the economy, the European Central Bank (ECB) made the decision to raise interest rates last July, to finish raising them to 2% last October.

Despite this, inflation has not stopped climbing in the European average. In Spain, paradoxically, the trend has been the other way around and has fallen to the 7.3% in October. In addition, since the financial crisis, the type of mortgages that have been requested it is mostly fixed rate, so the impact on the pockets of families is not notorious. Where the increases will have effects will be in the variable letters, in addition to all those that are newly signed.

Source: lainformacion.com

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