The number of mortgages on homes reached a new low in March to stand at 16,270 , down 34.1 % from the same month of 2012 , according to figures released Tuesday by the INE .
The annual decline in March, with which the mortgaged strung and 35 consecutive months of decline is much more pronounced than in February, when the mortgaged homes fell 7.5%.
In addition , the total number of mortgages on homes ( 16,270 ) is the lowest in any month in the comparable historical series , which began in 2003 .
The tax benefits associated with home ownership ended on January 1 and that has affected housing sales operations , which have come back negative and , therefore, the number of mortgages that are on this types of properties .
The average value of the mortgages on homes reached in the third month of the year, 96,676 euros, 6.7 % less than the same month of 2012 , while the borrowed capital was reduced by 38.5 % year on year , to the 1572.9 million.
In monthly (March to February ) , mortgages on homes fell 32.8% , the largest decline in the past five years. The capital borrowed for the mortgaged recorded a monthly decline of 37.2 %, registering also its biggest decline since 2009 .
In the first quarter, the number of home mortgages accumulated a 17.5% decline compared to the same period in 2012.
UP THE MIDDLE FOR MORTGAGE INTEREST HOUSING
The average interest rate for residential mortgage loans was 4.49 % against 4.33% a year earlier .
According to INE, the average interest rate on mortgage loans of savings banks was 4.68 % and the average term of 20 years . As for banks , the average rate was 4.64% and the average term of 21 years.
The 93.8 % of the mortgages in March used a variable interest rate , compared to 6.2 % fixed rate. The Euribor is the type of reference used in the creation of adjustable-rate mortgages , specifically 84.1 % of new contracts.
MORTGAGES UNDER CONDITIONS WHICH MODIFY .
For mortgages with registry changes , in March totaled 22,628 , representing a decrease of 13.1%. In housing, the number of mortgages modified their conditions fell by 9.7 %.
Considering the type of change in conditions , in March there were 18,415 innovations (or modifications within the same financial institution ), with an annual decrease of 15.8 %.
The number of operations that changed entity ( subrogations creditor ) was 3,464 , or 18.8 % more than in March 2012. Meanwhile, in 749 mortgages changed the owner of the mortgaged property ( subrogations debtor ) , 40.7 % less.
Of the 22,628 mortgages with changes in their conditions recorded in the property records for the month of March, 39.8 % were due to changes in interest rates. After the change of conditions, the percentage of fixed-rate mortgages fell from 5.6 % to 3 % , while the rate mortgages increased from 93.7 % to 96.4 %.
The Euribor has the largest percentage of variable rate mortgages , both before and after the change . After changing conditions, the average loan interest on fixed-rate mortgages fell 0.43 points and in the case of variable rate mortgages fell by 0.72 points.