A comparison with the same quarter last year shows that demand for mortgage loans, excluding refinancing, declined in the first quarter of 2026. Some 78,000 credit applications were submitted, representing a decrease of 8.4%. The corresponding amount fell by 5.5% to more than EUR 16 billion.

It is important to note that this comparison is made with an exceptional first quarter in 2025. At that time, the mortgage credit market received a significant boost due to the reduction of registration duties in Wallonia to 3% as of 1 January 2025.

Mortgage interest rates also increased in the first quarter of 2026. Based on figures published by the National Bank of Belgium, these rates fluctuated in February 2026 between an average of 3.35% (for loans with an initial fixed‑rate period of more than 10 years) and an average of 4.15% (for loans with an initial fixed‑rate period of 1 year).

The number of credit applications, excluding refinancing, declined by just over 8.4% in the first quarter of 2026 compared with the first quarter of 2025. The corresponding requested amount also fell by around 5.5%.

This decline occurred across almost all loan purposes. Applications for the purchase of a house decreased by 4,306 (‑8.3%), while applications for renovation declined by 2,740 (‑18.1%), the sharpest drop. Applications for other purposes fell by 865 (‑16.5%). The construction of a house remained attractive, with the number of applications still increasing (+442, or +5.76%), as did purchase + renovation (+346, or +6.9%). In addition, the number of applications for external refinancing fell by 9.7% in the first quarter of 2026.

It is important to recall that the first quarter of 2025, which serves as the comparison basis, was marked by several exceptional factors, including the reduction of registration duties in Wallonia to 3% and a decline in interest rates. Today, the interest rate environment is reversed, putting pressure on credit applications. International factors also play a role.

As with credit applications, the number of loans granted in the first quarter of 2026, excluding refinancing, declined by around 9.5% compared with the first quarter of 2025. The corresponding amount also recorded a decline of approximately 6.5%.

The comparison of mortgage loan production between the first quarters of 2026 and 2025 gives a somewhat distorted picture. As mentioned earlier, the mortgage credit market received a strong boost due to the reduction of registration duties in Wallonia to 3% on 1 January 2025. Nevertheless, this quarter ranks among the top four first quarters of the past ten years in terms of mortgage loan production.

In the first quarter of 2026, just over 47,300 new loans were granted for a total amount of more than EUR 9 billion (excluding refinancing).

Overall, the number of loans granted declined by 9.5% (in number) and 6.5% (in amount) compared with the first quarter of 2025. In contrast, loans for purchase + renovation and construction showed a positive trend.

Compared with the first quarter of 2025, loans for the purchase of a house fell by 3,279 (‑10.3%) and loans for other purposes by 373 (‑13%). The same applies to renovation loans, which recorded the sharpest decline (‑21.5%), or 2,247 fewer loans than in the first quarter of 2025. Loans for construction increased (+349, or +8.5%). Loans for purchase + renovation showed the strongest increase (+18.8%), or 558 more loans than in 2025.

The number of external refinancings also declined by 23.6%. Slightly more than 2,200 external refinancings were registered for a total amount of around EUR 345 million.

In the first quarter, the average amount of loans granted declined for most purposes.

The average amount of a loan for the purchase of a house fell to around EUR 213,000.

The average amount of a loan for purchase + renovation also declined to approximately EUR 230,500.

The average amount of a construction loan increased slightly in the first quarter of 2026 to just over EUR 254,500.

In the first quarter of 2026, more than 8 in 10 borrowers (84.5%) once again opted for a fixed interest rate or a variable rate with an initial fixed‑rate period of at least 10 years. Around 11.7% preferred a variable rate with an initial fixed‑rate period between 3 and 10 years. About 1.3% opted for an annually variable rate. More than 2.5% of borrowers chose a variable rate that can only decrease.

As a result of rising interest rates (see chart below), Belgian consumers continue to favour certainty. The number of borrowers opting for a variable interest rate remains limited. Legislation also provides strong protection for consumers choosing a variable rate: after adjustment to the relevant reference indices, the variable rate can never exceed twice the initial rate. Consumers who expect interest rates to fall in the coming years currently opt—where offered by lenders—for a variable rate that can only decrease. This provides protection against increases while allowing borrowers to benefit from potential future decreases.

The credit sector is and remains aware that mortgage lending must be carried out with great care and that responsible lending must remain the absolute guiding principle. In this respect, the sector is therefore on the same wavelength as the regulator: lenders must act with the necessary caution in order, on the one hand, to avoid borrowers taking on excessive loans as far as possible and, on the other hand, to safeguard financial stability in the long term.

All mortgage credit statistics (2000 – 2026 Q1), broken down by loan purpose and type of interest rate, are available under the “Figures” section.