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Francisco Carrillo sobbed with relief as he lay on the bed in his new apartment in Madrid provided by a charity after three years of sleeping rough in the backroom of a theatre. The 62-year-old pensioner found he couldn't afford rental prices in the capital when he moved from Jaen in southern Spain to seek treatment for throat cancer. Carrillo is one of a growing number of Spaniards who have found themselves priced out of the market amid a shortage of social housing and regulations that deter long-term rentals.
Optimal Blue data shows that lower mortgage rates are creating more demand for refinances, but purchase activity remains subdued.