Since September 2012, the interest rate implicit in all housing loan contracts in Portugal has never been higher. It increased in December by more than 30 basis points compared to the previous month.
The implicit interest rate on all housing loan contracts in Portugal rose to 1.898% in December, more than 30 basis points compared to November (1.597%), thus reaching the highest value since September 2012, according to data of the National Show. Institute of Statistics (INE), released this Thursday. Since April, this rate has increased every month.
If we look only at the contracts signed in the last three months, the increase is more expressive. In this case, the interest rate went from 2.365% in November to 2.715% in December, says the statistics office.
The average interest rate includes, in addition to the purchase of a home, construction and rehabilitation benefits. Thus, if we analyze financing exclusively for housing, “the most relevant in the group of mortgage loans” according to the National Institute of Statistics, the implicit interest rate for all contracts rises to 1.903% (29.7 basis points more than in November). In the contracts signed in the last three months for the acquisition, the interest rate rose 35 basis points, to 2.722%.
The average installment amounted to €299, €11 more than in November and €46 more than in December 2021. Of the total premium, €99 (33%) correspond to interest payments and €200 (67%) to amortized principal .
In the contracts entered into in the last three months, the average premium has risen to €536 (+€29).
The National Institute of Statistics also indicates that in the month under analysis, the average outstanding capital of all contracts increased by 241 euros, and stood at 62,004 euros. In the contracts signed in the last three months, the average amount of the main debt was 130,202 euros, 1,038 more than in November.
In total for 2022, the average interest rate was 1.084%, 24.2 basis points more than in 2021. The average outstanding principal increased by €3,833, up to €60,142, and the average monthly installment increased by 12.9% (€31), up to 268. euros
