Mortgage interest rates in Spain soared in 2022, after falling below *** percent at the end of 2021. In the fourth quarter of 2024, the average weighted interest rate stood at **** percent. That was lower than the rate in the same period the previous year. Despite the increase, Spain had a considerably lower mortgage interest rate than many other European countries. The aftermath of the property bubble Before the bursting of the real estate bubble, the housing market experienced a period of intense activity. A context marked by economic growth, high employment rate, low interest rates, skyrocketing house prices and land speculation, among others, encourage massive lending for the acquisition of property; in 2005 alone, more than *** million home mortgages were granted in Spain. When the bubble burst and the financial crisis hit the country, residential real estate transactions plummeted and households’ non-performing loans jumped to nearly ** billion euros as countless families were not able to cope with their debts. Over a decade after the onset of the crisis, and despite falling mortgage rates, the volume of mortgage loans keeps decreasing every year. A homeowner country Traditionally, Spain has been a country of homeowners; in 2021, the homeownership rate was roughly ** percent. While nearly half of Spanish households own their property with no outstanding payment, the percentage of households that have loan or mortgage pending has been decreasing in recent years. Despite ownership remaining as the preferred tenure option, cultural changes, job insecurity and mounting house prices are prompting Spaniards to opt more and more to become tenants instead of owners, as shown in the changing dynamics of the Spanish residential rental market.

The average mortgage interest rate in Spain followed a downward trend for almost a decade before increasing dramatically in 2022. In 2024, new housing loans had an average interest rate of *** percent — about double the interest rate in 2020. Mortgages with a five- to 10-year term had a slightly lower interest rate, making them the most affordable option. Why did mortgage rates spike? Macroeconomic factors, such as inflation, economic growth, and fiscal policy, play a major role in determining the cost of a loan. Inflation in Europe started rising in late 2021, largely due to surging energy costs. In Spain, the annual change of the consumer price index peaked at almost ** percent in July 2023. The European Central Bank has responded by introducing a series of hikes on the key interest rates (main refinancing operations, marginal lending facility, and deposit facility), which have affected lending rates across the European Union. How has the housing market reacted to the interest rate hike? The housing market follows a certain seasonality, with more home sales in the second and fourth quarters of the year. This was also the case in 2022, but the last quarter of the year saw an annual decline. Though compared to previous years, the number of transactions was one of the highest, the annual decrease shows a potential downturn.

The annual average interest rate on new residential loans in Spain continued to rise in 2023, after increasing in for the first time in 2022 following a decade long period of year-on-year decrease. In 2023, the average mortgage rate was **** percent, up from **** percent in 2021.

Key information about Spain Long Term Interest Rate

• Spain Long Term Interest Rate: Month Avg: Spain: ECB Harmonised was reported at 3.10 % pa in Feb 2025, compared with 3.17 % pa in the previous month.
• Spain Long Term Interest Rate data is updated monthly, available from Nov 1991 to Feb 2025.
• The data reached an all-time high of 13.00 % pa in Oct 1992 and a record low of 0.04 % pa in Dec 2020.
• Long Term Interest Rate is reported by reported by CEIC Data.

• In the latest reports, Spain Short Term Interest Rate: Month End: EURIBOR: 3 Months was reported at -0.57 % pa in Nov 2021.
• The cash rate (Policy Rate: Month End: Main Refinancing Operations) was set at 2.90 % pa in Feb 2025.
• Spain Exchange Rate against USD averaged 0.92 (USD/EUR) in Jun 2023.

Spain Mortgage Lending Rate: Over 3 Years: Average: Banks and Savings Banks data was reported at 1.932 % pa in Oct 2018. This records an increase from the previous number of 1.891 % pa for Sep 2018. Spain Mortgage Lending Rate: Over 3 Years: Average: Banks and Savings Banks data is updated monthly, averaging 4.553 % pa from Nov 1990 (Median) to Oct 2018, with 336 observations. The data reached an all-time high of 16.920 % pa in Jan 1991 and a record low of 1.854 % pa in Jul 2018. Spain Mortgage Lending Rate: Over 3 Years: Average: Banks and Savings Banks data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.M009: Mortgage Rate.

The average mortgage interest rate decreased in nearly every country in Europe between 2012 and 2021, followed by an increase in response to inflation. In the fourth quarter of 2024, Poland, Hungary, and Romania topped the ranking as the countries with the highest mortgage interest rates in Europe. Conversely, Belgium, Spain, and Italy displayed the lowest interest rates. The UK, which is the country with the largest value of mortgages outstanding, had an interest rate of **** percent.

Spain Mortgage Reference Lending Rate: Certificate data was reported at 0.379 % pa in Oct 2018. This records an increase from the previous number of 0.315 % pa for Sep 2018. Spain Mortgage Reference Lending Rate: Certificate data is updated monthly, averaging 4.582 % pa from Jan 1984 (Median) to Oct 2018, with 418 observations. The data reached an all-time high of 12.460 % pa in Sep 1984 and a record low of 0.180 % pa in Nov 2017. Spain Mortgage Reference Lending Rate: Certificate data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.M009: Mortgage Rate.

Mortgage Approvals in Spain decreased to 41834 Units in June from 42274 Units in May of 2025. This dataset provides - Spain Mortgage Approvals- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Spain Mortgage Reference Lending Rate: Domestic Govt Bonds: 3 to 6 Years data was reported at 0.354 % pa in Oct 2018. This records an increase from the previous number of 0.344 % pa for Sep 2018. Spain Mortgage Reference Lending Rate: Domestic Govt Bonds: 3 to 6 Years data is updated monthly, averaging 4.409 % pa from Jan 1984 (Median) to Oct 2018, with 418 observations. The data reached an all-time high of 15.660 % pa in Jun 1984 and a record low of 0.180 % pa in Sep 2017. Spain Mortgage Reference Lending Rate: Domestic Govt Bonds: 3 to 6 Years data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.M009: Mortgage Rate.

This table provides monthly and annual data, since 1999, on the official mortgage market reference interest rates applied in Spain. The information refers only to Spain as a member of the euro zone, so the reference rates are those applied by the European Central Bank for the entire eurosystem and by the Bank of Spain for the entire Spanish national territory. Annual data represent the monthly average for the year as a whole.

The number of residential mortgages constituted in Spain has slowly increased year-on-year since 2013, but as of 2023, it remained shy from the levels before the market crash. In 2024, about ******* mortgages were constituted, up from about ******* in 2013. Among the drivers of the recovery were the record-low mortgage rates during that period.

Spain - Housing cost overburden rate: Owner, no outstanding mortgage or housing loan was 2.20% in December of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Spain - Housing cost overburden rate: Owner, no outstanding mortgage or housing loan - last updated from the EUROSTAT on July of 2025. Historically, Spain - Housing cost overburden rate: Owner, no outstanding mortgage or housing loan reached a record high of 3.10% in December of 2021 and a record low of 1.60% in December of 2009.

Number of Mortgages: Rural Areas: Bank Loans data was reported at 1,458.000 Unit in May 2018. This records an increase from the previous number of 874.000 Unit for Apr 2018. Number of Mortgages: Rural Areas: Bank Loans data is updated monthly, averaging 1,116.000 Unit from Jan 2003 (Median) to May 2018, with 185 observations. The data reached an all-time high of 2,119.000 Unit in Oct 2008 and a record low of 616.000 Unit in Dec 2013. Number of Mortgages: Rural Areas: Bank Loans data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Spain – Table ES.EB012: Mortgage Statistics.

Mortgage rates in the Netherlands increased sharply in 2022 and 2023, after declining gradually between 2008 and 2021. In December 2021, the average interest rate for new mortgage loans stood at **** percent, and by the end of 2023, it had risen to **** percent. In May 2025, mortgage rates decreased slightly, falling to **** percent on average. Mortgages with a 10-year fixed rate were the most affordable, at **** percent. Are mortgage rates in the Netherlands different from those in other European countries? When comparing this ranking to data that covers multiple European countries, the Netherlands’ mortgage rate was similar to the rates found in Spain, the United Kingdom, and Sweden. It was, however, a lot lower than the rates in Eastern Europe. Hungary and Romania, for example, had some of the highest mortgage rates. For more information on the European mortgage market and how much the countries differ from each other, please visit this dedicated research page. How big is the mortgage market in the Netherlands? The Netherlands has overall seen an increase in the number of mortgage loans sold and is regarded as one of the countries with the highest mortgage debt in Europe. The reason behind this is that Dutch homeowners were able to for many years to deduct interest paid from pre-tax income (a system known in the Netherlands as hypotheekrenteaftrek). Total mortgage debt of Dutch households has been increasing year-on-year since 2013.

Spain - Overcrowding rate: Owner, no outstanding mortgage or housing loan was 5.10% in December of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Spain - Overcrowding rate: Owner, no outstanding mortgage or housing loan - last updated from the EUROSTAT on September of 2025. Historically, Spain - Overcrowding rate: Owner, no outstanding mortgage or housing loan reached a record high of 5.10% in December of 2024 and a record low of 2.60% in December of 2018.

Spain - Overcrowding rate: Owner, with mortgage or loan was 7.80% in December of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Spain - Overcrowding rate: Owner, with mortgage or loan - last updated from the EUROSTAT on August of 2025. Historically, Spain - Overcrowding rate: Owner, with mortgage or loan reached a record high of 7.80% in December of 2024 and a record low of 2.80% in December of 2018.

Spain Number of Mortgages: Urban Areas data was reported at 40,721.000 Unit in May 2018. This records an increase from the previous number of 38,655.000 Unit for Apr 2018. Spain Number of Mortgages: Urban Areas data is updated monthly, averaging 73,980.000 Unit from Jan 2003 (Median) to May 2018, with 185 observations. The data reached an all-time high of 180,116.000 Unit in Sep 2005 and a record low of 18,271.000 Unit in Aug 2013. Spain Number of Mortgages: Urban Areas data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Spain – Table ES.EB012: Mortgage Statistics.

The total amount of outstanding residential mortgage lending in Spain decreased notably since 2016. From a total of *** billion euros, the outstanding residential mortgage lending reached *** billion euros in the fourth quarter of 2024. In Europe, Spain is one of the well-developed mortgage markets, ranking alongside Sweden and Italy in terms of lending outstanding.

The benchmark interest rate in Spain was last recorded at 4.50 percent. This dataset provides the latest reported value for - Spain Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Spain Number of Mortgages: Urban Areas: Other Institutions Loans data was reported at 4,487.000 Unit in May 2018. This records an increase from the previous number of 3,847.000 Unit for Apr 2018. Spain Number of Mortgages: Urban Areas: Other Institutions Loans data is updated monthly, averaging 7,635.000 Unit from Jan 2003 (Median) to May 2018, with 185 observations. The data reached an all-time high of 28,444.000 Unit in Mar 2006 and a record low of 2,828.000 Unit in Dec 2017. Spain Number of Mortgages: Urban Areas: Other Institutions Loans data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Spain – Table ES.EB012: Mortgage Statistics.