In the third quarter of 2026, mortgage lending declined compared with the same period in 2025. Demand, however, increased slightly, with the number of applications rising by around 1%. Although lending was down compared with an exceptionally dynamic 2025, it remained at a high level compared with the same period in 2024 and previous years. We can therefore see that, despite rising interest rates, mortgage lending remains buoyant.

Mortgage interest rates continued to rise during the last quarter. Based on figures published by the National Bank of Belgium, in August these rates ranged from 4.69% (for loans with an initial interest rate fixation period of up to one year) to 3.53% (for loans with an initial interest rate fixation period of more than 10 years).

The number of loan applications, excluding external refinancing, increased slightly by 1% in the third quarter of 2026 compared with the same quarter of the previous year. The underlying amount of credit applied for also increased by around 4.3%. This sends a positive signal for lending activity in the coming months.

The number of loan applications showed mixed trends in the third quarter of 2026. Applications for home renovation (-584, or -5.1%) and for home purchases (-183, or -0.4%) decreased. However, applications for construction increased (+204, or +3.4%), as did applications for home purchase + renovation (+228, or +4.9%) and loan applications for other purposes (Garage, building plot, etc.) (+1,125, or +26.1%). The number of applications for external refinancing (-386, or -10.8%) declined in the third quarter of 2026.

Mortgage lending in the third quarter of 2026 declined compared with the same period in 2025: the number of loans granted, excluding external refinancing, fell by around 9% compared with the third quarter of 2025. The corresponding amount also decreased, by around 4.5%.

However, compared with the same period in 2024, the number of loans granted increased by 1.8%, while the corresponding amount rose sharply by 17.5%. It is important to note that 2025 was significantly boosted by the reduction in registration duties to 3% in Wallonia, which gave the market a considerable boost.

Although mortgage lending was down compared with 2025, it is worth noting that the past quarter still ranks among the top four third quarters of the decade, as did the first and second quarters. Despite the upward trend in interest rates, lending therefore remains at relatively high levels compared with the past decade.

In the third quarter of 2026, around 48,300 new loans were granted for a total amount of just over EUR 9.6 billion, excluding external refinancing. This confirms that mortgage lending in 2026 ranks among the four strongest performances recorded.

Overall, the number of loans granted decreased by around 9% compared with the third quarter of 2025. This decline was observed across all purposes, with the exception of home construction.

Compared with the third quarter of 2025, the number of loans taken out for other purposes (-395, or -14.1%) and for renovation (-1,702, or -17.6%) fell sharply. Declines were also recorded in the number of loans for home purchase + renovation (-99, or -2.8%) and the number of loan agreements for home purchases (-2,743, or -8.5%). The exception was the number of loans for home construction, which increased (+183, or +4%).

In addition, in the third quarter of 2026, the number of external refinancing loans also fell by 23%. As a result, around 2,100 external refinancing loans, for a total amount of approximately EUR 360 million, were granted in the third quarter of 2026.

In the third quarter of this year, the average amount of loans granted also increased.

The average loan amount for the purchase of a home stood at around EUR 221,700 during the third quarter of 2026.

The average construction loan increased in the third quarter of 2026 to approximately EUR 266,600.

By contrast, the average loan amount for home purchase + renovation declined again, falling to approximately EUR 231,750.

During the third quarter of 2026, just under 8 out of 10 borrowers (77.8%) opted for a fixed interest rate or a variable interest rate with an initial rate fixation period of at least 10 years. Despite the increase in interest rates recorded in recent months (see chart below), Belgian consumers therefore continue to predominantly favour security. Nevertheless, there is growing interest in variable-rate loans.

Around 14% of borrowers opted for a variable interest rate with an initial rate fixation period of between 3 and 10 years. Less than 1% of borrowers chose an annually variable interest rate. 7.2% of borrowers opted for a variable interest rate that can only be adjusted downwards. This type of interest rate offers protection against rate increases while allowing borrowers to benefit from a potential decline in interest rates in the years ahead, without having to take any action.

The credit sector is and remains aware that great prudence must be exercised when granting mortgage loans and that responsible lending must remain the fundamental principle. In this respect, the sector is aligned with the supervisory authorities: lenders must exercise all necessary caution in order, on the one hand, to minimise the risk of individual borrowers taking on excessive debt and, on the other hand, to safeguard financial stability over the longer term.