The average interest rate on new mortgage loans has already exceeded 4.3%.

According to data from the Bank of Spain, interest rates remained at their highest levels since February 2009 in September. The average rate at which Spanish banks issued mortgage loans in September exceeded 4.3%, reaching a maximum level of 4.324% from February 2009. Thus, the average rate for three-year mortgage loans for purchasing homes without bank encumbrances in Spain has increased for the nineteenth consecutive time to 4.305%, compared to 4.237% recorded in August.

The average rate in September increased by just under seven basis points compared to August, reaching 1.895 percentage points compared to September 2022. The mortgage rate for loans issued in Spain for a term of one to five years for the purchase of unencumbered housing was 4.210% (according to the previous month's data), compared to 4.140% the month before and 2.440% in the same month of 2022.

In this context, the 12-month Euribor rate, which most Spanish mortgages are based on, closed September at 4.149%, compared to 4.073% in August and 2.233% in September 2022.