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In July 2022

Implicit interest rate on housing credit and the average loan repayments increased in the Autonomous Region of Madeira

According to information made available by Statistics Portugal (INE), in July 2022, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 0.870%, increasing by 0.054 percentage points (pp) from the previous month. In July 2021, the implicit interest rate was 0.710%.

The average value of loan repayments for all housing credit contracts rose to 276 euros in the month of reference, with the interest set at 44 euros (up by 3 euros from the previous month) and the capital amortisation at 232 euros (down by 1 euro over the previous month). In July 2021, a month in which the moratorium on mortgage payments was in place, the average value of loan repayments was just 239 euros.  

In turn, the average outstanding loan value for housing credit contracts rose to 60,663 euros (60,532 euros in June 2022). A year earlier it stood at 58,399 euros. 

In Portugal, and all housing credit contracts, the implicit interest rate rose to 0.912%, up by 0.054 pp over the previous month. The average value of loan repayments increased to 264 euros, with the average outstanding loan value going up from 60,061 euros, in June 2022, to 60,405 euros, in July 2022.

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