According to the latest data from the Spanish Statistics Institute (INE), the average value of the mortgages signed in January decreased by a 1.9% year on year rate and reached 163,448 euros.
The value of mortgages creeated on urban buildings was over 21,357 million euros in January 2008, a year on year decrease of 25.7%. In the housing sector alone, capital loaned exceeded 13,395 million euros, 28.0% less than in January 2007.
There were a total of 138,527 new mortgages created in January 2007, a decrease of 23.59% year on year over January 2007.
On the other hand the number of morgages being modified for purposes of refinance jumped by 24.2 percent year on year.
98.3% of the mortgages created in January had a variable interest rate. Within the variable rate mortgages, Euribor was by far the most widely used reference interest
rate, being used in 87.6% of new contracts.