Average mortgage loan size in Spain drops to €126,906

The total number of residential mortgages fell by 27.3 percent March compared to the same month last year, while the total number of mortgages on all types of real estate dropped 28.7 percent. The decline has resulted in a 2.6 percent drop in the size of the average residential loan to €126,906. The average interest rate on new mortgages was 2.2 percent over the first three months of the year, which was 0.07 percent lower than Q4 2019. The lowest average interest rates were recorded in Basque Country (1.8 percent), in Navarra (2 percent) and in the Community of Madrid (2.1 percent, while averages rates in Extremadura were at the upper end of the scale at 2.4 percent.