The mortgage market continues to strengthen in November 2025

Marnix Hazelhoff

6 December 2025

Reading time 3 minutes

Mortgage applications continue to rise

The mortgage market showed clear growth again in November 2025. With more than 51,700 mortgage applications submitted, activity was 12 percent higher than a year earlier. This makes November one of the stronger months of 2025. Compared to October, the number of applications remained stable, indicating a solid and consistent level of demand. Activity in the home-purchase segment is noticeably higher than earlier in the year. Renovation, refinancing and increase applications also contribute steadily to the total volume. As a result, the mortgage market now rests on a broader foundation than in previous quarters, where growth mainly came from a single segment.

Interest rate developments trigger spike

A striking spike in applications occurred in the third week of November: nearly one-third of all monthly applications were submitted within just a few days. This surge was driven by announced interest rate increases from several lenders. As soon as it became clear that higher rates were coming, many homebuyers and movers accelerated their applications. This rate-sensitive behaviour shows how closely consumers time their decisions around financing costs. It also indicates that many buyers had already prepared documents, budgets and advice, and were simply waiting for the right moment to proceed.

Property values and loan amounts increase slightly

The average market value of purchased homes in November reached around €519,000 (roughly 3 percent higher than a year earlier). The average mortgage amount rose in parallel to approximately €377,000. Despite these higher averages, most transactions still fall below €500,000. This segment remains the most competitive, especially among first-time buyers and younger households. The upper market segment is calmer: transactions above €1 million are rare and are typically made by movers with substantial equity. This distribution highlights the ongoing importance of affordability within the current housing market.

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Outlook: impact on the housing market and buyers

The dynamics of the mortgage market are increasing due to the interaction of interest rate developments, stable demand and shifting price levels. For the coming months, the following points are especially relevant:

Interest rate expectations remain decisive: any announcement of rising rates may trigger new application spikes.
Purchase segment remains dominant: homes below €500,000 continue to drive the market.
Buyers need to act quickly: competition can intensify briefly when many households respond to interest rate changes at the same time.
Sellers remain in a strong position: demand is stable and widespread, especially in popular regions.

Future mortgage rate developments will largely shape market activity. If rates rise further, temporary surges are likely; if rates stabilise, a more even transaction pace can be expected.