Implicit interest rate under home loan agreements rose in October to 1.328%which is 18.4 basis points more than in September (1.144%), the National Institute of Statistics (INE) said today.
In contracts signed in the last three months, the interest rate rose from 1.775% in September to 2.061% in October, an increase of 28.6 basis points.
In the home-buying funding segment, the most relevant in the mortgage portfolio, the implicit interest rate on all contracts rose to 1.342%, up 18.2 basis points from September, while contracts entered into over the past three months interest rate increased by 27.9 basis points compared to the previous monthreaching 2.054%.
Considering all contracts, the average installment in October was 279 euros, which means an increase of seven euros compared to September and 28 euros (11.2%) compared to October 2021.
Of the 279 euros of the average installment, 69 euros (25%) are interest payments and 210 euros (75%) are depreciated capital. October 2021 percentage was 16% of the average installments.
In contracts concluded in the last three months, the average payment value increased by 18 euros to 489 euros.
In October, the average outstanding capital across all contracts increased by €424 compared to September to €61,513.
According to the contracts concluded in the last three months, the average debt amounted to 130,628 euros, which is 244 euros less than in September.