The average interest rate on new home loans rose from 4.16% to 4.25% in June, the highest since February 2012, and new loans to individuals fell to 2,165 million euros.
According to the statistics on interest rates and amounts of new loans and bank deposits of companies and individuals updated to June 2023, released today by Banco de Portugal (BdP), “the average interest rate on new housing loans rose from 4.16% in May to 4.25% in June, reaching the highest value since February 2012”.
The institution led by Mário Centeno states that “also the average interest rates on new loans for other purposes increased by 0.09 percentage points (from 5.21% to 5.30%)”.
However, average interest rates “decreased in the consumer purpose (from 8.73% in May to 8.60% in June)”, he adds.
In June, “new lending operations to households amounted to €2.165 billion, down €126 million from May”.
The BdP states that there were “falls in housing and consumer purposes (of €101 million and €31 million, respectively) and that, conversely, “new loan operations for other purposes increased by €6 million”.
The value of new loans granted by banks to businesses was €2.004 billion, up €227 million on the previous month.
“The average interest rate on new loans to businesses increased from 5.45% in May to 5.50% in June,” the BoP said.
This increase occurred “both in loans up to €1 million (from 5.57% to 5.70%) and in loans above €1 million (from 5.25% to 5.27%)”.
According to the BdP, these statistics include transactions between banks resident in Portugal and households and companies resident in the euro area.
