Now is a good time to get a mortgage, and specifically a mixed mortgage. Market interest rates will remain at these values until at least summer 2024, so there would be no reason to wait. Then, if interest rates fall, a downward change in conditions would be possible.
The latest public data documented an average of 3.53% NIR for fixed-rate mortgages (November 2023, INE). That was probably its ceiling, since as of January the banks have already begun to adjust their interest rates.
We contacted the Housfy Mortgages brokers to find out what is the lowest interest rate they have processed this month.
The best interest rate on a fixed mortgage as of February 2024, according to Housfy Hipotecas, is 2.40%, which quite solvent profiles have clearly been able to access.
The truth is that the fixed rate, although it is still the majority in Spain, is beginning to recede. At the end of 2023, it accounted for 53.2% of hiring, while in 2022 it had reached more than 75%.
The mixed mortgage, as a substitute for the variable mortgage and alternative to the fixed mortgage, is gaining ground due to its first fixed tranche at very competitive rates.
Of the mixed mortgages processed by Housfy this February, the one that offered the best fixed interest rate was 1.85% for 10 years. Afterwards, the installments were referenced to the Euribor with a differential of 0.80%.
The variable interest rate has a long history in our country. Many people put their hands on their heads: why not sign a fixed mortgage and not suffer possible rate increases later?
They are right, although the reality is that banks offer lower spreads on variable mortgages, which makes them a more accessible option for fairer profiles.
Mixed rates are an option, therefore, that offers the best of both modalities: fixed rates known to be lower than average, and then the possibility of referencing the Euribor if the situation regularizes.
