25 January 2024 Updated at 13:00

Mortgage Statistics (M)

November 2023. Provisional data

Main results

  • The number of mortgages constituted on dwellings recorded in the land registries was 32,645, 19.1% fewer in the annual rate.
  • The average amount of these mortgages fell by 0.5%, standing at €145,894.
  • The average interest rate on new mortgages on dwellings was 3.27%.

The number of mortgages constituted on dwellings was 32,645, 19.1% fewer than in November 2022. The average amount of these transactions was €145,894, a decrease of 0.5%.

The average amount of the mortgages on the total number of properties recorded in the land registries (from previous public deeds) rose by 3.2%.

Mortgages constituted. November 2023

Mortgage interest rate on dwellings

For mortgages constituted on the total of properties, the average interest rate was 3.27% and the average term was 24 years. 46.8% of mortgages on dwellings were with a variable interest rate and 53.2% with a fixed rate.

The average starting interest rate was 3.03% for variable rate home mortgages and 3.53% for fixed rate mortgages.

Average interest rate on dwellings. November 2023


Mortgages with registration changes

The total number of mortgages with changes in their conditions recorded in the land registries rose by 8.7% in November in the annual rate.

Novations (or amendments with the same financial institution) rose by 4.1%, subrogations of the debtor (change of mortgagor) increased by 59.5% and subrogations of the creditor (change of lender) rose by 22.8%.

Mortgages with registration changes. November 2023

38.9% of the 11,663 mortgages with changes in their terms and conditions were due to changes in the interest rates.

Results by Autonomous Community

The only autonomous communities with a positive annual variation rate in the number of mortgages on dwellings were Castilla – La Mancha (40.9%) and Cantabria (8.0%).

La Rioja recorded the largest decrease: 53.4%.

Monthly variation in the number of mortgages on dwellings. November 2023.


Revision and updating of data

The data for 2023 are provisional and will be reviewed when the data for the same period next year are published. All results of this operation are available on INEbase.

Methodological note

The Mortgage Statistics provide information on constitutions of mortgages, that is, on the number of new mortgages constituted on real estate properties during the reference month and the amount of new mortgage loans corresponding to said mortgages. All this information is broken down on the basis of various variables, such as the nature of the mortgaged property or the lending institution.

All the information on constitutions, changes and register cancellations of mortgages is obtained from the information contained in the Land Registers of the entire national territory, by virtue of a collaboration agreement signed in 2004 between the two institutions. In order to facilitate comparisons, the data for 2003 are presented according to both the old and the new base.

Type of survey:
monthly continuous survey.
Population scope:
the registration of mortgages constituted, with changes or cancelled in the land registries.
Geographical scope:
the entire national territory, by Autonomous Communities and provinces.
Reference period of the results:
the calendar month.
rural and urban properties (dwellings, plots and other urban).
Collection method:
administrative registers from the Association of Land and Mercantile Registrars of Spain.

More information in the methodology and the standardized methodological report.

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. For more information see the section on Quality at INE and the Code of Best Practices

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