Implicit interest on mortgage loans at 3.110% in April hits all-time high since 2009

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The implicit interest rate on mortgage loans rose to 3.110% in April, the highest since June 2009 and 28.1 basis points higher than in March, the INE disclosed today.

According to the National Statistics Institute (INE), in contracts signed in the last three months the interest rate rose from 3.507% in March to 3.675% in April, reaching the highest value since October 2012.

For home purchases, the most important type of mortgage, the implicit interest rate for all contracts rose to 3.098% (up 27.5 basis points in comparison to March). In contracts signed in the last three months, the interest rate rose 16.0 basis points in relation to the previous month, to 3.661%.

Considering all the contracts, in April the average monthly payment was 341 euros, 10 euros more than in March and 84 euros more than in April 2022 (32.7% increase).

Of this amount, 163 euros (48%) correspond to interest payments and 178 euros (52%) to amortized capital – in April 2022, the interest component represented 16% of the average instalment value (257 euros).

In contracts signed in the last three months, the average value of the instalment rose 14 euros in April compared to the previous month, to 590 euros, which represents an increase of 52.5% compared to the same month last year.

In April, the average capital outstanding for all contracts rose by 273 euros in relation to the previous month, to 62,972 euros. For contracts signed in the last three months, the average amount outstanding was 125,734 euros, 564 euros more than in March.

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