Por qué las hipotecas registran el mejor mes de junio desde 2010

Hypothecation records its best June in over a decade, with 45,907 loans finalized, marking a 10.8% year-over-year increase, according to data released by the National Statistics Institute (INE). June saw a rise in mortgage activity that outpaced the decline in home sales driven by soaring prices, with the average loan amount reaching 178,365 euros, up from 172,535 euros in December of the previous year. Consequently, banks lent a total of 8.188 million euros, a 17.5% increase over the previous year.

The surge in mortgage activity during June was evident, contrasting with the slight decrease in transactions observed the previous month. The decline came as the market entered its sixth month of consistent growth since May 2026. The 2.96% average interest rate for new mortgages, which fell slightly from May's 2.98% and 2.97% a year earlier, marked a break from the two consecutive raises in April and May.

The slight decrease in the European overnight rate to 2.79% in June, after staying near 3% for the past six months, may impact future inflation statistics.

Market participants attribute the robust activity to two primary factors. Firstly, the profile of buyers has shifted, with more individuals seeking mortgages to access housing. Secondly, the increased volume of mortgage refinancing as banks cancel old loans and issue new ones, artificially inflating the total number. Additionally, fewer homes are being purchased in cash due to the price surge.

Experts, however, anticipate a slowdown in mortgage activity as the effects of recent interest rate hikes become more apparent in official statistics.

While the cost of borrowing remains relatively stable and far from the peak rates experienced during previous surges, the recent trend suggests that extraordinarily low financing costs are unlikely to return anytime soon, as stated by Ferrán Font of Pisos.com. Real estate platforms like Idealista acknowledge surprise at the market's vigor, attributing it to a growing number of borrowers needing mortgages and the surge in mortgage refinancing, which drives overall figures.

Moreover, the decreasing number of cash purchases, driven by price increases, also plays a role. Nevertheless, specialists believe that mortgage activity will begin to slow down shortly, as the latest interest rate hikes are yet to be fully reflected in official figures.