Spanish mortgage numbers dip 0.1% in May, average loan soars 9.7%

The number of mortgages on homes in Spain fell 0.1% in May 2026 compared to a year earlier, breaking a 22-month streak of consecutive increases, according to data from the Instituto Nacional de Estadística (INE). However, the average loan amount rose sharply to €174,866, a 9.7% increase year-on-year, meaning borrowers now take on roughly €15,500 more debt per mortgage Source: elespanol, infobae.

Interest rates and loan terms

The average interest rate on new mortgages reached 2.98% in May, the highest since June 2025. Fixed-rate mortgages remained popular, accounting for 60.9% of all new loans, their ninth consecutive month above 60% Source: elespanol. The average term was 25 years. Fixed-rate loans carried a slightly lower initial rate (2.96%) than variable-rate loans (3.00%) Source: infobae.

Regional disparities

Regional trends varied widely. The largest annual increases in mortgage numbers were recorded in Navarra (33.5%), Canarias (16.5%), and Cataluña (9.3%). In contrast, Baleares saw a 19.6% drop, followed by Cantabria (-17.9%) and Murcia (-13.2%) Source: elespanol.