Gortázar Warns of Mortgage Credit Slowdown Amid Rising Housing Costs

Gonzalo Gortázar, CEO of Caixabank, forecasted a slowdown in mortgage credit growth for next year due to rising housing costs and ECB interest rates.

The European Central Bank (ECB) has predicted up to four additional rate hikes, which would place interest rates around 3.5%, making it difficult for people to afford homes.

Gortázar emphasized that consumer credit is maintaining a strong dynamism, with year-on-year growth rates between 11 and 12%, but may moderate slightly in the coming months.