In October 2024

Implicit interest rate on housing loans in the Autonomous Region of Madeira continues to decline, yet the average value of loan repayments remains higher than it was a year ago

According to information provided by Statistics Portugal (INE), in October 2024, the implicit interest rate for all housing loan agreements in the Autonomous Region of Madeira stood at 4.411%, representing a decrease of 0.085 percentage points (pp) compared to the previous month. It is noteworthy that this marks the ninth consecutive reduction in this indicator. It should also be noted that, in October 2023, the implicit interest rate on housing loans was 4.555%.

The average value of loan repayments for all housing loan agreements decreased by 3 euros from the previous month, reaching 415 euros. Of this amount, interest amounted to 239 euros (down by 4 euros over the previous month) while amortisation accounted for 176 euros (up by 1 euro over the previous month). In the same month last year, the average value of loan repayments was 404 euros.

Furthermore, the average outstanding amount for housing loan agreements increased for the 18^th consecutive month, standing at 66,091 euros in October 2024 (compared to 65,848 euros in September 2024). A year earlier, this amount was 63,130 euros.

At the national level, and considering all housing loan agreements, the implicit interest rate decreased to 4.277%, down by 0.085 pp over the previous month. The average value of loan repayments for all agreements remained unchanged at 404 euros, while the average outstanding amount increased to 67,692 euros (compared to 67,286 euros in the previous month). In the country, interest rates decreased by 3 euros compared to the previous month, settling at 237 euros, whereas amortisation increased by 3 euros, reaching 167 euros.

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