The implicit interest rate on mortgage loan contracts rose again in June to 3.649%, the highest since April 2009 and 25.1 basis points above that of May, INE announced today.
According to the National Statistics Institute (INE), in contracts concluded in the last three months, the interest rate rose 25.0 basis points, from 3.882% in May to 4.132% in June, reaching the highest value since May 2012.
For the financing destination house purchase, the most relevant in the set of housing loans, the implicit interest rate for the total of contracts rose to 3.631% (+24.8 basis points compared to May). For contracts concluded in the last three months, the interest rate rose by 25.2 basis points compared to the previous month, standing at 4.123%.
Considering all contracts, in June, the average monthly payment stood at EUR 361, EUR 9 more than in May and EUR 100 more than in June 2022 (an increase of 38.3%).
Of this amount, €192 (53%) corresponds to interest payments and €169 (47%) to amortized capital – in June 2022, the interest component represented only 16% of the average installment amount (€261).
June was the second month in a row in which interest represented more than half of the installment.
In contracts concluded in the last three months, the average installment rose by €18 in June compared to the previous month, to €609, which represents an increase of 48.9% compared to the same month of the previous year.
In June, the average outstanding principal for all contracts rose by €127 compared with the previous month, to €63,296.
For contracts concluded in the last three months, the average amount outstanding was €122,570, €1,495 less than in May.
