Mortgages up 1.011%
Interest on mortgages in Portugal hit 1.011% in August — the highest in three years.
In the fifth consecutive month of increases, it is the highest percentage increase since November 2019 according to the national statistics institute. (INE)
In November 2019 the interest rate on mortgages was 1.017%. In August it was 9.9 base points on the previous months.
The interest rate was 1.523% on contracts signed over the past three months, an increase of 23.4 base points on July.
The interest rate for the total number of contracts signed rose 23.3 base points to 1.528%. Regarding the average mortgage still outstanding, this went up to €345 to €60,750. For contracts signed in the last three months, the average amount owed on the mortgage stood at €128,092 (+ €414 on March)
On the other hand, the average monthly mortgage payment rose €4 to €268. Of this amount €51 corresponding to the payment of €217 on outstanding capital.
“For contracts signed over the past three months, the average amount of monthly mortgage payment rose €20 to €445” states the INE.