“The implicit interest rate on housing credit fell to 4.641%, 1.6 basis points lower than that recorded in the previous month, being the first decrease recorded since March 2022”, states INE.
In contracts signed in the last three months, the interest rate fell for the fourth consecutive month, falling from 4.315% in January to 4.197% in February (-11.8 basis points).
For the purpose of financing housing acquisition, the most relevant in all housing loans, the implicit interest rate for total contracts decreased for the first time since March 2022, to 4.606% (-1.7 basis points compared to January).
In contracts signed in the last three months, the interest rate for this financing destination registered the fourth consecutive reduction, decreasing 11.5 basis points compared to the previous month, to 4.182%.
Considering all contracts, the average value of the monthly installment registered the first reduction since February 2021, standing at 403 euros, one euro less than in January, but 81 euros more than in February 2023, which translates into a monthly decrease of 0.2% (+1.0% in the previous month).
Of the installment value, 248 euros (62%) correspond to interest payments and 155 euros (38%) to amortized capital. In February 2023, the interest component represented 41% of the average installment value (322 euros).
In contracts concluded in the last three months, the average installment value fell by 11 euros compared to the previous month, to 628 euros in February 2024, remaining 10.4% above the same month in 2023.
In February, the average outstanding capital for all housing loans rose by 368 euros compared to the previous month, standing at 65,158 euros.
For contracts signed in the last three months, the average amount owed was 124,216 euros, 994 euros less than in January.
