Number of mortgages in Spain falls in May

The number of mortgages given to prospective home owners in Spain fell in May, according to figures published Monday.

The National Institute of Statistics (INE) publishes that in May the number of mortgages granted for homes that have already been built was 55,755.

That represents a fall of 2.9 percent when compared with May 2009. It is the first fall that has been registered in the last four months.

There are slightly conflicting figures regarding the size of the loans that were granted in May. The average mortgage was 114,990 euros (148,400 U.S. dollars): that is a 4.4 percent decline when compared with April this year, but is a 0.8 percent increase when compared with May 2009.

The average rate of interest was 4.1 percent and the average mortgage was to be repaid in 22 years.

Source: Xinhua