The average amount of mortgages on homes in Spain formed during 2007 was 149,007 euros, 6.2 percent more than in 2006, while total mortgaged homes fell by 7.97 per cent to 1,235,212, according the National Statistics Institute (INE). Thus, the monthly average stood at 825.63 euros, compared to 707.58 euros in 2006, an increase of 118.05 euros per month (13.52%).
In terms of total farms, which include not only those earmarked for the purchase of a home, but any kind of rustic farm or urban (offices, houses and shops), the average reached 168,677 euros, 7.5 per percent more than in 2006.
During 2007 were formed on mortgages 1,768,198 rustic farms and urban areas, which represented a decline of 5.1 percent compared to 2006, and total capital subscribed by the year was 282.190,7 million euros, by 2 percent.
The average interest rate for mortgage loans was 4.71 percent in 2007, 0.88 percent rise on 2006 when it was 3.83 percent, and the average time was 26 years, one more than the recorded in 2006.
The average interest rate on savings was 4.67 percent and the average time stood at 26 years in the case of banks, the average rate on mortgage loans was 4.69 percent and average time 26 years.
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