Mortgage payments rise by 11.5pc in a year

26th April 2007, Comments 0 comments

26 April 2007, MADRID – The average mortgage rose to EUR 150,146 – an increase of 11.5 percent compared with the cost the same time a year before, according to figures released on Thursday.

26 April 2007

MADRID – The average mortgage rose to EUR 150,146 – an increase of 11.5 percent compared with the cost the same time a year before, according to figures released on Thursday.

The National Institute of Statistics (INE) said figures showed the average mortgage had also risen by 1.9 percent compared with in January this year.

The average interest paid on mortgages in Spain was 4.41 percent  over 26 years with savings banks. With banks, the figure was 4.39 percent over 25 years. 

The number of new mortgages which were taken out in February was 153,726 – a 4.36 percent fall compared with the same period the year before.

The capital tied up in mortgages was EUR 27.3 billion – or 10.67 percent more than the year before in February 2006. 

Ninety-eight percent of new mortgages were taken out with a variable interest rate. The Euribor, one of the standards used to regulate interest rates on mortgage payments in Spain, was the most commonly used, with 85.9 of mortgages fixed to this.

[Copyright EFE with Expatica]

Subject: Spanish news

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