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In January 2024, the mortgage firm in Spain experienced a 10% year-on-year drop compared to January 2023, with 33,128 loans. According to data from the National Institute of Statistics (INE), published this Tuesday, the focus is on the average interest rate, which continues to rise and is now at its highest figure since December 2014.

Despite this decline, it marks the end of 12 consecutive months of negative rates. The average amount of mortgages for homes decreased by 2.7% year-on-year in January, reaching 138,149 euros. Meanwhile, the capital lent decreased by 12.7% to 4,576.5 million euros.

The rate policy adopted by the European Central Bank (ECB) to combat inflation and Euribor’s evolution has led to an average interest rate for mortgages on homes of 3.46%, with an average term of 24 years. About 42% of mortgages in Spain were taken out at a variable rate in January, while 58.2% were fixed-rate mortgages.

In terms of inter-monthly rates, home mortgages increased by close to 33% from December to January, while loaned capital increased by almost as much at around a third or roughly

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