The implicit interest rate on housing credit contracts rose again in August, to 4.089%, the highest value since March 2009, the National Institute of Statistics (INE) announced this Tuesday.
In July, this value was 3.878%, also according to the statistics institute.
The average payment for a mortgage loan was 379 euros in August, nine euros more than in July and 111 euros more than in August 2022 (an increase of 41.4% year-on-year).
The interest portion represented 57% of the average payment (216 euros), a proportion that was only 19% in August 2022, and the amortized capital 43% (163 euros).
About contracts signed in the last three monthsthe interest rate rose from 4.173% in July to 4.331% in August, which is the highest value since April 2012.
In these contracts, in the last three months, the average payment increased by 19 euros compared to the previous month to 623 euros (an increase of 40% compared to August 2022).
In August, the average live capital of all contracts was 63,740 euros, 185 euros more than the previous month. In the case of contracts from the last three months, the average outstanding amount decreased compared to July by 134 euros, to 122,964 euros.
The increase in interest rates by the European Central Bank (ECB), to contain inflation, has an impact on real estate credit, increasing the price of the contracts and, therefore, the monthly installments paid to the bank.
This week the Government is expected to approve new measures to support families with mortgage loans, including a mechanism (a type of moratorium) in which families will probably pay less in installments to the bank over two years than they would if the entire rise in mortgages Interest rates were reflected, deferring the payment of the missing amount for the future.
Solution to stop credit installments is welcome, but “it arrives late” and you have to read the fine print
This mechanism is still being finalized and worked on between the Government and the Bank of Portugal. The banks have already been consulted about this.