The total number of mortgage applications rose by almost half in the first quarter compared to the same period in 2021, the chain said.
This is mainly the result of a strong increase in the number of applications for the refinancing of an existing mortgage (+117%) and home improvement (+101%).
The number of applications for the purchase of a home fell only slightly (-0.3%). This decline is much less pronounced than in the fourth quarter of 2021, when it was 17% compared to the same period a year earlier.
The average mortgage amount in the past quarter increased 8%, from €312,000 to €336,000. The largest increase in the average mortgage amount is visible in the provinces of Limburg (+16%), Zeeland (+15%), Drenthe and Noord-Holland (both +12%). The smallest increase can be seen in South Holland (+4%).
Mortgage interest
“Many homeowners have refinanced their mortgage to be able to take advantage of the lower mortgage interest rate. This has been on the rise since January, mortgage interest rates are now one percentage point higher and we expect interest rates to rise even further in the coming period,” says Michel van den Akker, chairman of the board of De Hypotheker.
He expects the trend of renovations and sustainability to continue, partly due to the high energy prices. “Yet these homeowners are now also suffering from the rapidly rising mortgage interest, and refinancing or renovation is also becoming more expensive.”
Since the beginning of this year, there has been a significant rise in interest rates. For example, the 10-year interest rate with National Mortgage Guarantee rose from 1.11% at the beginning of January to 2.15% at the end of March.