The implied rate on home loan contracts rose to 3.398% in May, the highest since June 2009 and 28.8 basis points above April, INE announced on Friday.
According to the National Institute of Statistics (INE), interest rates on contracts signed in the past three months increased by 20.7 basis points, from 3.675% in April to 3.882% in May, reaching the highest value since August 2012.
For financing the purchase of a house, the most relevant in the series of mortgage loans, the implicit interest rate for all contracts rose to 3.383% (+28.5 basis points compared to April). In contracts signed in the past three months, interest rates increased by 21.0 basis points compared to the previous month and stood at 3.871%.
Looking at all contracts, the average value of the monthly installment in May was 352 euros, 11 euros more than in April and 92 euros more than in May 2022 (an increase of 35.4%).
Of this amount, EUR 179 (51%) corresponds to interest payments and EUR 173 (49%) to amortized capital — in May 2022, the interest component represented only 16% of the average value of the payment (EUR 260).
For contracts concluded in the last three months, the average value of the installments in May increased by one euro compared to the previous month, reaching 591 euros, which is an increase of 51.2% compared to the same month of the previous year.
In May, the average outstanding capital for all contracts increased by EUR 197 compared to the previous month to EUR 63,169. For contracts signed in the last three months, the average amount due was 124,065 euros, 1,669 euros less than in April.
Source: DN
