In October 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 October 2022, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 1.295%, increasing by 0.201 percentage points (pp) from the previous month, growing for the 7^th consecutive month and reaching the highest value since March 2015. It should be noted that, In October 2021, the implicit interest rate was 0.753%.

The average value of loan repayments for all housing credit contracts rose by 6 euros, to 290 euros in the month of reference, with the interest set at 66 euros (up by 10 euros from the previous month and the same value as in April 2015) and the capital amortisation at 224 euros (down by 4 euros over the previous month). In October 2021, the average value of loan repayments was 265 euros.  

In turn, the average outstanding loan value for housing credit contracts rose to 61,432 euros (61,157 euros in September 2022). A year earlier it stood at 58,890 euros. 

In Portugal, and all housing credit contracts, the implicit interest rate rose to 1.328%, up by 0.184 pp over the previous month. The average value of loan repayments increased to 279 euros, with the average outstanding loan value going up from 61,089 euros, in September 2022, to 61,513 euros, in October 2022. In the country, the interest rose by 11 euros compared to the previous month, while capital amortisation fell by 3 euros.

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