In February 2023

Implicit interest rate on housing credit rose to 2.6%

According to information made available by Statistics Portugal (INE), in February 2023, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 2.625%, increasing by 0.367 percentage points (pp) from the previous month, growing for the 11^th consecutive month and reaching the highest value since April of 2012. It should be noted that, in February 2022, the implicit interest rate was 0.751%.

The average value of loan repayments for all housing credit contracts rose 6 euros compared to the previous month, to 337 euros, with the interest set at 136 euros (up by 20 euros from the previous month) and the capital amortisation at 201 euros (down by 14 euros over the previous month). In the same month, the average value of loan repayments was 267 euros.  

In turn, the average outstanding loan value for housing credit contracts increased to 62,534 euros (62,142 euros in January). A year earlier it stood at 59,370 euros. 

In Portugal, and for all housing credit contracts, the implicit interest rate rose to 2.532%, up by 0.349 pp over the previous month. The average value of loan repayments increased to 322 euros, with the average outstanding loan value going up from 62,356 euros, in January, to 62,533 euros, in February. In the country, the interest rose by 18 euros compared to the previous month, while capital amortisation fell by 11 euros.

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