Mortgage signings rise 16.3% with best February in 15 years
The volume of borrowed capital, which rose by 29% to nearly EUR 7.9 billion, reflecting increased financial pressure on the buyer
The mortgage market reports good health for yet another month. In February 45,563 home mortgages were signed, 16.3% more than the previous year. This makes it their best February since 2011.
Data from the National Institute of Statistics (INE) shows 20 consecutive months of growth and confirms the sector's growth at the start of 2026.
Figures now exceed 2,170 new mortgages daily, a pace 15.8% higher than in January. But the most significant figure is the volume of borrowed capital, which climbed 29% to nearly 7.9 billion euros, indicating greater financial pressure on buyers. The average transaction amount stood at €173,280, up 11%, a result of the significant rise in housing prices and which makes it necessary to seek greater external financing.
Ricardo Gulias, CEO of RN Tu Solución Hipotecaria, highlighted a structural shift, as the market is moving beyond the era of cash purchases: «More and more people are buying homes by taking out loans.» «The lack of supply and high prices are driving up the amount of loans,» he noted.
Along the same lines, Ricard Garriga, CEO of Trioteca, describes a sector «in a frenzy» where the key factor is the pace of growth: «The pace is extraordinary; the sector is not only growing, but doing so at an ever-increasing rate.»
Stable rates and banking competition
The average interest rate remained at 2.88%, staying below the 3% threshold for over a year. This stability has led 64.8% of buyers to opt for a fixed rate (2.78% on average) compared to 35.2% choosing a variable rate (3.03%).
Garriga highlights the aggressive marketing tactics of some institutions: «There are banks competing with fixed-rate offers below long-term market benchmarks, while others are tightening conditions.» Just this Thursday, coinciding with its quarterly earnings release, Bankinter confirmed its strategy of limiting mortgages and being «selective» as long as prices remain at «irrational» levels.
Despite the sector's dynamism, it views the shortage of supply with caution. Changes to terms fell by 9.3%, although 78% of those who renegotiated did so to adjust their interest rates. For the coming months, analysts agree: without an increase in residential supply, it is unlikely that prices - and therefore mortgage amounts - will take a breather.
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