The new mortgages are more expensive, minor in quantity and to be sick in less time
05.09.2008
The banking institutions are offering at present loans hipoetcarios insignificant, in a shorter term and to an interest rate higher that they give like turned out an average monthly quota for 823,24 euros in the set of the country.
According to the statistical study of the registrars of the property relative to the operations of buying and selling of housings during the second trimester, the average mortgage has descended to 143.571 euros (almost 8.000 euros less than one year ago), the term has been shy to 26 years and 11 months (15 months less than one year ago and up to 9 months less that in the first trimester) and the effective interest rate is located in the environment of 5,16 % (it was 4,62 % in the second trimester of 2007).
It is the first time in which there diminish the period of hiring of the mortgages. “This result is related to the hardening of the financial conditions imposed by the financial institutions, as well as, in minor measurement, to the reduction of the attraction towards the lengthening of the period of hiring in a stage of increases of interest rates”, thinks in his report the School of Registrars of the Property.
After the fashion that we had of mortgages of up to 50 years with that the financial institutions were thinking about how to make the buy of a few housings possible with exhorbitant prices, “the hiring period have stopped being the variable with that to resist the deterioration in the accessibility”, they affirm the registrars in his report.
INTEREST RATES
Pronounced reduction of the quantity of the mortgage comes up for buy of housing that the statistics detects registral it is according to the information that the National Institute of Statistics throws until June.
Nevertheless, the average interest rate included in the mortgages registered during the second trimester (5,16 %) remains slightly short opposite to the information of the Spanish Bank, where the price applied in last four months goes from 5,23 % of April to 5,76 % of July.
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