Mortgage approvals rose significantly in June, with 45,907 new agreements signed. This represents a 10.8% annual increase and an 8.8% rise from May. Total lending reached 8,188 million euros for the month, marking a 17% surge compared to the previous year.
The average mortgage stood at 178,365 euros with a 25-year term. Fixed rates were chosen by 61.7% of borrowers at an average of 2.89%, while 38.3% opted for variable rates at 3.07%. The closed June at 2.79% before exceeding 3% in August this year.
Regional performance varied as the Canary Islands saw a 31% increase, while the Balearic Islands recorded a 10.4% decline. With 259,681 mortgages signed in the first half of the year, the market shows a 7% growth despite the ECB raising rates to 2.25% in June.