The implicit interest rate on mortgage contracts fell in February for the first time since March 2022, dropping 1.6 percentage points to 4.641%, the National Statistics Institute (INE) announced today.
“The implicit interest rate on mortgage loans fell to 4.641%, 1.6 basis points lower than in the previous month and the first drop since March 2022,” says INE.
For contracts signed in the last three months, the interest rate fell for the fourth month running, from 4.315% in January to 4.197% in February (-11.8 basis points).
The implicit interest rate for all contracts for the first time since March 2022 fell to 4.606% (-1.7 basis points compared to January).
For contracts signed in the last three months, the interest rate for this type of financing fell for the fourth month in a row, dropping 11.5 basis points on the previous month to 4.182%.
Considering all contracts, the average monthly installment fell for the first time 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 amount, 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 (322 euros).
In contracts signed in the last three months, the average installment fell by 11 euros compared to the previous month, to 628 euros in February 2024, 10.4% higher than in the same month in 2023.
In February, the average outstanding capital for all mortgage 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.
