In April 2023

Implicit interest rate on housing loan agreements rose to 3.2%

According to information provided by Statistics Portugal (INE), in April 2023, the implicit interest rate on housing loan agreements in the Autonomous Region of Madeira stood at 3.248%, which indicates an increase of 0.313 percentage points (pp) compared to the previous month. This marks the 13th consecutive month of growth and represents the highest value since June 2009. It is important to note that in April 2022, the implicit interest rate on housing loan agreements was only 0.760%.

The average value of loan repayments for all housing loan contracts increased by 7 euros compared to the previous month, reaching 352 euros, with interest payments amounting to 165 euros (an increase of 13 euros compared to the previous month) and capital amortisation amounting to 187 euros (a decrease of 6 euros compared to the preceding month). In the same month last year, the average value of loan repayments due was 270 euros.

On the other hand, the average outstanding loan amount for housing loan contracts decreased to 61,752 euros this month, compared to 62,488 euros in March 2023. A year ago, it was 59,954 euros.

At the national level, for all housing loan contracts, the implicit interest rate increased to 3.110%, an increase of 0.281 pp compared to the previous month. The average value of loan repayments for all contracts increased to 341 euros, while the average outstanding loan amount rose to 62,972 euros, compared to 62,699 euros in the preceding month. In the country as a whole, interest payments increased by 15 euros compared to the previous month, while capital amortisation decreased by 5 euros.

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