Good news! Spain has some of the cheapest mortgages in Europe, even though interest rates have gone up recently.
Out of 12 European countries, Spain ranked fourth with an average interest rate of 2.02% in Q3 2022, behind Portugal, France, and Denmark. The average interest rate for all 12 countries was 3.48%, which is a bit higher than before. Spain has a lot of people who own their own homes at 76.2%, which is higher than in France and Portugal where mortgages are cheaper. Germany has the lowest rate of homeownership. Some countries are starting to use more fixed-rate mortgages for new loans, while other countries still use mostly variable-rate mortgages.
Source: European Mortgage Federation (EMF)
