In August 2024

Implicit interest rate on housing loans in the Autonomous Region of Madeira declined for the seventh consecutive month

According to information provided by Statistics Portugal (INE), in August 2024, the implicit interest rate for all housing loan agreements in the Autonomous Region of Madeira stood at 4.549%, representing a decrease of 0.069 percentage points (pp) compared to the previous month. It is noteworthy that this marks the seventh consecutive reduction in this indicator, following 22 consecutive months of increase. It should also be noted that, in August 2023, the implicit interest rate on housing loans was 4.225%.

The average value of loan repayments for all housing loan agreements decreased by 2 euros from the previous month to 416 euros. Of this amount, interest amounted to 245 euros (down by 2 euros over the previous month) while amortisation accounted for 171 euros (the same as in the previous month). In the same month last year, the average value of loan repayments was 389 euros.

Furthermore, the average outstanding amount for housing loan agreements increased for the 16^th consecutive month, standing at 65,608 euros in August 2024 (compared to 65,287 euros in July 2024). A year earlier, this amount was 62,908 euros.

At the national level, and considering all housing loan agreements, the implicit interest rate decreased to 4.417%, down by 0.070 pp over the previous month. The average value of loan repayments for all agreements decreased to 404 euros, while the average outstanding amount increased to 66,874 euros (compared to 66,529 euros in the previous month). In the country, interest rates decreased by 2 euros compared to the previous month to 242 euros, while amortisation increased by 1 euro to 162 euros.

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