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Final mortgage agreements down 2% in February

The number of mortgages for homes on property registers in February (from prior completions) was 24,342, 2.7% less than in February 2015, according to figures published in the Instituto Nacional de Estadística. 

These totals put a stop to six consecutive months of increases.

In spite of this decrease in the number of mortgages, their average amount is up 7.1 % compared to a year ago, at 115,883 euros and the amount borrowed has also gone up from last year to more than 2,820 million euros.

In monthly terms (comparing February to January) , the number of mortgages has gone down by 10.6% and the amount borrowed by 8.2%.

In general, the average total of mortgages in the property registers in February (from prior completions) was 151,224 euros, 9.3% more than the same month in 2016. By property type, house mortgages constituted 53.1% of the total borrowed in February, followed by loans for other types of urban properties (35.2%), land (7.2%) and rural properties (4.5%).