The National Institute of Statistics in Spain today published the provisional mortgage data in Spain for August 2012.
Data shows further drops in both number of and value of mortgages granted year on year.
Redemptions or cancellations of mortgages yet again exceeded new loans completed reducing the overall mortgage books of Spanish Banks.
The majority of loans were granted by full Banks with a distinct reduction on new loans granted and completed on by the Caja,s ( savings banks).
In August the value of total capital completed decreased by 9.4% below August of 2011.
The average loan size completed also dropped to € 109.770
Value of capital granted on urban properties was down on an accumative basis by 34.1% as of the same time in 2012 to 2011
Total number of Spanish mortgages completed was 33,050 down 26.7% year on year
Total number of Spanish mortgages cancelled were 35.641 showing a net outflow of 2,591 loans
Average interest rate at which mortgages were granted was 4.23% which is up from the 4.22% in August last year showing actual margins above Euribor have increased considerably as the 12 month Euribor has dropped by over 1% from August 2011 to August 2012.
94.4% of all loans were granted on a variable basis with only 5.6% of all loans completed on a fixed rate
Whilst in all regions numbers of and value of Spanish Mortgages completed dropped the Balearics had the highest number of completed mortgages per 100,000 of population.