Mortgage interest rates in Spain soared in 2022, after falling below 1.5 percent at the end of 2021. In the second quarter of 2024, the average weighted interest rate stood at 3.46 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 1.3 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 50 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 76 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 2023, new housing loans had an average interest rate of 3.74 percent - about three times the interest rate in 2020. Mortgages with a five to 10-year term were the only product which saw rates decline between 2022 and 2023. 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 11 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 3.75 percent, up from 1.49 percent in 2021.

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.

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.

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 - 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 March 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.

This statistic shows the annual value of mortgage loans in Spain between 2005 and 2016. Mortgage loan values in Spain exceeded one trillion euros between 2007 and 2011. In 2016, the value of mortgage loans stood at 600 billion euros in Spain.

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.

The number of residential mortgages constituted in Spain has slowly increased year-on-year since 2013, but as of 2022, it remained shy from the levels before the market crash. In 2022, about 464,000 mortgages were constituted, up from about 200,000 in 2013. Among the drivers of the recovery were the record-low mortgage rates during that period.

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.

Mortgage Approvals in Spain increased to 38058 Units in January from 32249 Units in December of 2024. This dataset provides - Spain Mortgage Approvals- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Spain Mortgage Amount: Rural Areas: Other Institutions Loans data was reported at 50.724 EUR mn in Aug 2018. This records an increase from the previous number of 46.147 EUR mn for Jul 2018. Spain Mortgage Amount: Rural Areas: Other Institutions Loans data is updated monthly, averaging 103.166 EUR mn from Jan 2003 (Median) to Aug 2018, with 188 observations. The data reached an all-time high of 287.904 EUR mn in Sep 2006 and a record low of 32.963 EUR mn in Dec 2017. Spain Mortgage Amount: Rural 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.

Spain Mortgage Amount data was reported at 5,630.696 EUR mn in Aug 2018. This records an increase from the previous number of 5,579.505 EUR mn for Jul 2018. Spain Mortgage Amount data is updated monthly, averaging 9,266.218 EUR mn from Jan 2003 (Median) to Aug 2018, with 188 observations. The data reached an all-time high of 30,185.254 EUR mn in Jan 2007 and a record low of 2,283.344 EUR mn in Dec 2013. Spain Mortgage Amount 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.

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 March 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 Number of Mortgages: Rural Areas: Saving Institutions Loans data was reported at 0.000 Unit in May 2018. This stayed constant from the previous number of 0.000 Unit for Apr 2018. Spain Number of Mortgages: Rural Areas: Saving Institutions Loans data is updated monthly, averaging 1,344.000 Unit from Jan 2003 (Median) to May 2018, with 185 observations. The data reached an all-time high of 2,581.000 Unit in May 2006 and a record low of 0.000 Unit in May 2018. Spain Number of Mortgages: Rural Areas: Saving 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.

Mortgage rates in the Netherlands increased sharply in 2022 and 2023, after declining gradually between 2008 and 2021. In December 2022, the average interest rate for new mortgage loans stood at 1.65 percent, and by the end of 2023, it had risen to 4.13 percent. The 10-year interest rate was the lowest, at 2.96 percent; the floating and less than one-year interest rates amounted to 5.13 and 4.62 percent, respectively. In early 2024, mortgage rates decreased notably. 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 Number of Mortgages: Urban Areas: Saving Institutions Loans data was reported at 0.000 Unit in May 2018. This stayed constant from the previous number of 0.000 Unit for Apr 2018. Spain Number of Mortgages: Urban Areas: Saving Institutions Loans data is updated monthly, averaging 37,641.000 Unit from Jan 2003 (Median) to May 2018, with 185 observations. The data reached an all-time high of 105,347.000 Unit in Jan 2007 and a record low of 0.000 Unit in May 2018. Spain Number of Mortgages: Urban Areas: Saving 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.

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 March 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 Mortgage Amount: Urban Areas: Other Institutions Loans data was reported at 661.837 EUR mn in Aug 2018. This records an increase from the previous number of 577.764 EUR mn for Jul 2018. Spain Mortgage Amount: Urban Areas: Other Institutions Loans data is updated monthly, averaging 887.358 EUR mn from Jan 2003 (Median) to Aug 2018, with 188 observations. The data reached an all-time high of 4,124.567 EUR mn in Mar 2006 and a record low of 327.726 EUR mn in Oct 2016. Spain Mortgage Amount: 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.