In January 2023

Implicit interest rate on housing credit rose to 2.3%

According to information made available by Statistics Portugal (INE), in January 2023, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 2.3%, increasing by 0.367 percentage points (pp) from the previous month, growing for the 10^th consecutive month and reaching the highest value since June of 2012. It should be noted that, in January 2022, the implicit interest rate was 0.762%.

The average value of loan repayments for all housing credit contracts rose 11 euros compared to the previous month, to 321 euros, with the interest set at 118 euros (up by 19 euros from the previous month) and the capital amortisation at 203 euros (down by 8 euros over the previous month). In the same month, the average value of loan repayments was 268 euros.  

In turn, the average outstanding loan value for housing credit contracts increased to 62,115 euros (61,914 euros in December 2022). A year earlier it stood at 59,226 euros. 

In Portugal, and for all housing credit contracts, the implicit interest rate rose to 2.217%, up by 0.319 pp over the previous month. The average value of loan repayments increased to 308 euros, with the average outstanding loan value going up from 62,004 euros, in December 2022, to 62,357 euros, in January 2023. In the country, the interest rose by 16 euros compared to the previous month, while capital amortisation fell by 6 euros.

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