Interest rate on housing loans drops for the 10th month in November to 4.186%.
The implicit interest rate on home loans fell by 9.1 basis points in November, settling at 4.186%, down from 4.524% in November 2023.
Interest rate on home loans decreases for the 10th consecutive month in November.
According to the National Institute of Statistics (INE), as read on News Minute, the implicit interest rate on housing credit decreased by 9.1 basis points compared to October, settling at 4.186%, below the 4.524% recorded in November 2023.
In November 2024, the implicit interest rate on housing loans registered the 10th consecutive monthly drop, accumulating a reduction of 47.1 basis points since the peak of 4.657% reached in January, according to data released today by INE.
In contracts signed in the last three months, the interest rate decreased from 3.533% in October to 3.423% in November (-11.0 basis points), registering a cumulative decrease of 95.7 basis points since the peak reached in October 2023.
Regarding the acquisition of housing, the main destination of housing credit, the implicit interest rate for the total of contracts fell by 9.0 basis points compared to October, standing at 4.149%.
For contracts signed in the last three months, this rate fell by 10.6 basis points compared to the previous month, reaching 3.405%.
In November, the average monthly installment for all contracts was 403 euros, one euro less than in October and seven euros (1.8%) more than in November 2023.
Out of a total of 403 euros, 234 euros (58%) corresponded to the payment of interest and 169 euros (42%) to the amortized capital.
In contracts signed in the last three months, the average amount of the installment decreased by two euros in November, settling at 632 euros, representing a 3.5% decrease compared to the same month last year.
The average outstanding balance for all contracts increased by 437 euros compared to October, reaching 68,129 euros.
In contracts signed in the last three months, the average amount owed was 139,868 euros, an increase of 3,581 euros compared to the previous month.
The implicit interest rate in mortgage credit reflects the relationship between the total accrued interest in the month of reference and the outstanding capital at the beginning of that month (before amortization).
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