Spain's Home Mortgages Fell 3.5% in July as the Average Loan Hit 180,785 Euros
Spain registered 43,372 mortgages on dwellings in July 2026, down 3.5% on the year, while the average loan rose 10.9% to 180,785 euros, INE said.
Spanish lenders signed 43,372 new mortgages on dwellings in July 2026, 3.5% fewer than in the same month a year earlier, while the average loan on a home climbed 10.9% to 180,785 euros. The National Statistics Institute (INE) published the figures on 28 September 2026, and the two headline numbers pull in opposite directions: fewer households are borrowing, and each of them is borrowing considerably more.
Fewer loans, larger amounts
Total capital lent against dwellings reached 7,841,020 thousand euros in the month, or about 7.84 billion euros. Counting every class of property rather than homes alone, Spain registered 56,595 mortgages, a much milder annual decline of 0.8%. The gap between the two series is the interesting part: the wider measure takes in land, commercial premises and other buildings, and it held up better in July than residential lending did.
Fixed rates keep the majority
A fixed rate was chosen for 62.3% of the new mortgages on dwellings, against 37.7% at a variable rate. The average interest rate across all dwelling mortgages was 3.01%, with an average term of 26 years. Split by type, the average came in at 2.97% for variable-rate loans and 3.03% for fixed-rate ones, which left the variable option the cheaper of the two on the month's average pricing even as most borrowers still chose to lock in.
Renegotiations and where lending grew
Existing borrowers were busy as well: 10,926 mortgages changed their conditions in July. Of those, 7,569 were novations agreed with the same lender, 2,676 were debtor subrogations, in which the borrower changes, and 681 were creditor subrogations, in which the loan moves to a different bank.
Regionally, the strongest annual growth in mortgages on dwellings was recorded in Illes Balears (8.6%), Principado de Asturias (8.1%) and Galicia (7.1%).
How this sits against Spanish price levels
Glopra's Spain row, refreshed on 28 September 2026, puts the national asking price at about 3,390 dollars per square metre and the national asking rent at 17.5 dollars per square metre a month; paired, they give a gross rental return of roughly 6.2% before tax and costs. Asking prices are 12.8% higher than a year ago in euro terms, and our bubble-risk score for Spain stands at 61 out of 100, inside the elevated band.
These are not the same measurement as the institute's. INE publishes the size of a loan secured on a whole property, while our figures are asking prices and asking rents per square metre taken from listings rather than from signed contracts, so the two answer different questions and neither can be converted into the other. Read side by side, they describe a market in which the cost of entry is rising faster than the number of households financing it, and in which a non-resident landlord pays 19% or 24% on rental income depending on tax residence, so the gross figure overstates what an owner actually keeps.
Sources: Instituto Nacional de Estadistica (INE), Estadistica de Hipotecas, July 2026, published 28 September 2026 https://www.ine.es/dyngs/Prensa/H0726.htm; Instituto Nacional de Estadistica (INE), Estadistica de Hipotecas July 2026 press note PDF https://www.ine.es/dyngs/Prensa/H0726.pdf