According to data from the National Statistics Office (INE), the value of mortgages constituted on urban buildings in Spain was approximately 16,575 million euros in March, representing a year on year decrease of 36.7%. In housing, the capital loaned exceeded 9,975 million euros, 41.9% less than in March 2007. 105,608 properties were mortgaged in March 2008, a decrease of 37.77% over March 2007.
During the month of March the average amount per mortgage constituted was 164,637 euros, 1.5% more than for the same month in 2007 and 2.8% lower than that recorded in February 2008. In the case of mortgages constituted for housing, the average amount was 141,725 euros, 3.8% less than the same month in 2007, and 4.9% lower than the figure registered in February 2008.
97.9% of the mortgages constituted in March used a variable interest rate, as opposed to the 2.1% that used a fixed rate. Within the variables, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 86.8% of new contracts.
The average value of the mortgages signed in March increased by 1.5% on a year on year basis and reached 164,637 euros. The number of mortgages changing conditions increased by 1.6% and registered cancellations decreased by 33.8%.