The signing of mortgages for buying a home down to 27.6% in may for the coronavirus

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The signing of new mortgages for the purchase of a home fell in may to 27.6% in the interannual rate, until you reach the 25.538, when it was still in the alarm state by a coronavirus, which is the biggest fall since September of 2019, according to data from the INE.

With the receding year-on-year experienced in may, the signing of mortgages on dwellings chains three consecutive months of negative interannual rates after the setback of 14.6% experienced in march, when it was declared the state of alarm by the health crisis, and the collapse of 18.4% in April.

“The data show the consequences of the second full month of paralysis caused by the Covid-19. Although the activity registered improvement in the last April, the volume of mortgages granted continues to accelerate its fall in comparison with the 2019. This decline, although it is much more moderate than in other sector statistics issued by the INE, more than 27%. As a result you have to go back to 2015 to find a month of may with fewer mortgages recorded on housing. This drop affects the accumulated activity, which is still in negative figures, the fulfilment of the bad predictions of the last few months”, clarifies the director of studies pisos.com Ferran Font.

“The activity is still very much conditioned by the Law of Mortgage in the month of June, 2019, and, above all, by the impairment of the crisis of the coronavirus, which will, predictably, the figures get even worse in the coming months,” concludes Font.

The INE has been noted that, despite the situation created by the health crisis of the Covid-19, thanks to the effort made by the Association of Registrars of the Property, Mercantile and of Spain (CORPME), the data is published with a response rate of 95%, similar to that of previous months.

according To the data disseminated by the INE, the average amount of mortgages on housing increased by 3.2% compared to may 2019 , until the 127.145 euros, while the capital loaned fell by 25.3% in rate year on year to 3.247 million euros.

In terms of monthly (may over April), the number of mortgages on dwellings rose by 7.1%, while the borrowed capital for such mortgages did in 8.7%.

If you take into account the interest rate for mortgages constituted on the total properties in may the average interest rate at the start was 2,49% , and the average term of 23 years.A 50.5 per cent of the mortgages were signed at variable interest rates, and 49.5% to a fixed rate. The average interest rate at the start was of 2,11% for variable rate mortgages and 3% for the fixed rate. In the mortgages constituted on dwellings, the average interest rate was from 2.48%, and the average term of 23 years.

47.2% of mortgages on homes was formed to variable type, and 52.8% fixed-rate; at the beginning, the average interest rate was 2,12% to the residential mortgage variable rate and 2,87% for the fixed rate.

For its part, the number of operations that changed entity (subrogation to the creditor) increased by 69.7%, while that of mortgages that changed the holder of the mortgaged property (subrogations debtor) decreased 35.1%.

Madrid leads the statistics

Disaggregated the data by autonomous communities, the regions with the highest number of mortgages constituted on dwellings in may were Madrid (4.979), Andalusia (4.777) and Catalonia (4.311).

The communities in the greatest capital loaned for the constitution of mortgages on houses were also Madrid (886,6 million euros), Catalonia (633,3 million) and Andalusia (496,7 million). Canarias is the only autonomous community with the annual rate of change positive (2%).

The largest decreases were registered in Extremadura (51.8 per cent), Castilla La Mancha (44,8%) and Asturias (44.7 per cent).

The only community with the annual rate of positive in the number of mortgages on housing is the Canary islands (0.1%) in both Galicia (10,%) and Cantabria (-13,2%) recorded smaller decreases.

Extremadura (-49,5%), Asturias (-48,3%) and Castilla-La Mancha (48,1%) presented the greatest decreases.