The implicit interest rate on all mortgage contracts was 4.657% in January, the highest since March 2009, an increase of 6.4 basis points compared to December, INE announced today.
According to data published by the National Statistics Institute (INE), in contracts signed in the last three months, the interest rate fell for the third time in a row, from 4.342% in December to 4.315% in January.
The average payment stood at 404 euros in the first month of this year, the highest since the series began (January 2009), four euros more than in December last year and 89 euros more than in January 2023, which translates into a monthly increase of 1%, as in the previous month.
Last month, the interest portion represented 61% of the average installment, compared to 36% in January 2023.
In contracts signed in the last three months, the average installment fell by 12 euros compared to the previous month, to 639 euros in January this year, which corresponds to an increase of 20.3% compared to the same month last year.
The average outstanding capital for all mortgage loans increased by 193 euros to 64,790 euros.