Mortgages proceed their climb: 18% extra have already been signed than in all of 2024 | Housing | Economy | EUROtoday

Just per week in the past, the National Institute of Statistics (INE) printed the full variety of buy and sale operations that have been closed in the course of the month of November (58,546). The sum was decrease than that of October, however it was nicely above the data obtained in the identical month of 2024. This Monday, the statistical workplace reported the full variety of mortgages that have been signed final month, and (as anticipated) the connection is comparable: 43,319 loans have been agreed, 17% lower than in October, though these signify 12.4% than within the earlier month of November. The common quantity of mortgages was 170,771 euros, barely increased within the month-to-month comparability (2.2%), though a lot increased than 12 months in the past (+11.7%); whereas the typical rate of interest stood at 2.97%, 5.8% increased than in October, however significantly extra accessible than within the eleventh month of 2024 (-9%).

The mortgage agency in November didn’t enhance its October outcomes (52,198), however its knowledge was the very best for this time of 12 months in additional than a decade. Only the 43,797 operations that have been signed in 2010 exceed (narrowly) the 43,319 in 2025. The enchancment skilled within the quantity of loans is 12.4% increased in comparison with the information from November 2024, and represents the second consecutive month wherein extra loans are signed than in the identical interval of the earlier 12 months.

“We continue to have the best November in the last 15 years and, most importantly, we maintain a clearly growing trend,” celebrates Ricard Garriga, CEO of Trioteca. “If we compare the first eleven months of 2025 with the same period of the previous year, the accumulated increase in mortgages is 17.9%,” he factors out. In spherical numbers, between January and November 2025, 463,232 loans have been signed, a determine that exceeds those who have been granted in all of 2025: 425,522.

Taking this outcome as a reference, within the first eleven months of 2025, 2,005 operations have been signed per enterprise day, whereas in 2024 as an entire the typical was 1,687. “We are talking about an increase of more than 18% in the number of daily mortgages. These levels, around 2,000 operations per day, have not been seen since 2010,” explains Garriga.

However, comparisons with that 12 months, simply after the bubble burst, are delicate. “We take 2010 as a reference, but we are still far from that year, when more than 2,400 mortgages were signed daily and more than 600,000 were signed for the entire year.” In this sense, he provides that “everything indicates that 2025 will close above 500,000 mortgages, a very relevant figure that confirms the strength of the current market.”

November has been a small blip that, nevertheless, doesn’t cloud the report forecasts. By territory, the falls in absolute phrases of the Community of Madrid (-2,060) and Catalonia (1,652); and percentages of Extremadura (-33.8%) and the Balearic Islands (-28.4%) ―leaving apart the autonomous cities of Ceuta and Melilla, with increased percentages, however much less consultant because of their quantity―, have weighed down the general outcome for November. Only the Basque Country (83), Cantabria (54) and Ceuta (24) present a optimistic stability when it comes to loans signed within the eleventh month of the 12 months in comparison with the October determine.

Same kind, extra amount

Although the dynamism within the quantity of contract signing is due, amongst different causes, to the soundness of rates of interest – the typical price in November was 2.97%, and has continued to stay under 3% since January – the typical quantity of mortgages maintains its upward development within the closing levels of the 12 months. The 170,771 euros in November are the second highest determine of the 12 months (in September it rose to 171,612 euros), and signify 18,538 euros greater than in January. “According to the INE, the average Spaniard is signing fixed mortgages at around 2.94%, while the average mortgage signed through Trioteca is 2.23%. This represents a saving of 71 basis points,” highlights Garriga, additionally co-founder of the Spanish Association of Mortgage Brokers (AEBH).

As has been occurring all year long, the bulk possibility continues to be the fastened price mortgage, above the variable price. In November, 61.5% of the primary modality have been signed, and 38.5% of the second. These are outcomes virtually equivalent to these of October. “Today, the fixed mortgage is the majority option and the variable has practically disappeared from the radar of the average buyer,” remembers Garriga.