Portugal Mortgage Rates Drop for First Time in Two Years
Portugal’s mortgage rates have fallen, leading to lower average payments for homeowners. Stay informed on the latest mortgage trends.
The Portugal housing market has seen a decrease in the implicit interest rate for the first time since March 2022, dropping to 4.641% in February, as reported by the National Statistics Institute (INE). Contracts signed in the past three months have also experienced a decline in interest rates for the fourth consecutive month, with rates falling from 4.315% in January to 4.197% in February.
Moreover, the average monthly instalment has seen its first reduction since February 2021, now standing at 403 euros, which is 1 euro less than in January and 81 euros more than in February 2023. This translates to a monthly decrease of 0.2%, compared to a 1.0% increase in the previous month. In February, the interest portion accounted for 62% of the average instalment, a significant increase from 41% in February 2023.
For contracts concluded in the last three months, the average instalment value has decreased by 11 euros compared to the previous month, now at 628 euros in February 2024. This represents a 10.4% increase compared to the same month in the previous year.
The Portugal housing market has seen a decrease in the implicit interest rate, along with a reduction in average instalment values for contracts signed in the last three months. These changes indicate a shift in the housing market dynamics, which may impact potential homebuyers and sellers.
Portugal Mortgage Rates Drop for First Time in Two Years
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