In September 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 September 2022, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 1.094%, increasing by 0.133 percentage points (pp) from the previous month, growing for the 6^th consecutive month and surpassing the 1% threshold, something that had not occurred since October 2019. In September 2021, the implicit interest rate was 0.696%.

The average value of loan repayments for all housing credit contracts rose 4 euros, to 284 euros in the month of reference, with the interest set at 56 euros (up by 7 euros from the previous month and the same value as in April 2016) and the capital amortisation at 228 euros (down by 3 euros over the previous month). In September 2021, a month in which the moratorium on mortgage payments was in place, the average value of loan repayments was just 240 euros.  

In turn, the average outstanding loan value for housing credit contracts rose to 61,157 euros (60,935 euros in August 2022). A year earlier it stood at 58,884 euros. 

In Portugal, and all housing credit contracts, the implicit interest rate rose to 1.144%, up by 0.133 pp over the previous month. The average value of loan repayments increased to 272 euros, with the average outstanding loan value going up from 60,750 euros, in August 2022, to 61,089 euros, in September 2022.

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