Madrid, June 17 (EFECOM).- Only 5.8% of mortgages signed in May improved their initial conditions with the same bank or another, which constituted the lowest percentage since March 2022, far from the maximums. of the 20% that it represented in the second half of 2023.
In a report published this Monday, the idealista real estate portal explains that this is because the market was already discounting the reduction in interest rates decided in June by the ECB, which left them at 4.25%.
Along with the abrupt reduction in mortgages that changed their conditions, in May the signing of mixed mortgages also decreased, which combine fixed and variable rates and which were very common in the period of rising rates.
Once again, the fixed interest rate regained ground, and accounted for 70% of the mortgages signed that month, while mixed mortgages fell to 27%.
The main reason that explains this change of direction in the mortgage market is the phase of stability in which the Euribor has entered, which in recent months has remained around 3.6%-3.7%, and which has brought with it savings in the monthly installments of the variable mortgages that have been reviewed.
The forecasts point to a progressive decrease in the reference indicator for the vast majority of variable mortgages in Spain, although it will remain above 3%, and always “subject to future movements in interest rates,” the report warns. EFECOM
wing/ltm
