Catherine Melo
The average interest rate charged by banks at the time of granting housing loans fell in October for the third consecutive month, according to the INE, to the lowest level since February. The decline in Euribor support this evolution.
The Portuguese with housing loans are benefiting from the trend recorded decrease in Euribor rates that serve as reference in their contracts. According to the National Statistics Institute (INE), the interest rate on housing loan contracts decreased in October to 1.439% compared to 1.471% in September. In addition to being the third consecutive month to ease, this is also the lowest interest rate since February this year.
Following the interest rate of descent, also the average loan repayments for the mortgage loans together recorded a relief. Its value fell one euro in September, compared to 259 euros recorded in August and September for 258 euros. For contracts concluded in the last three months, the slump in October was more significant, having benefited from a drop of nine euros compared to September, to 344 euros.
However, with respect to all the mortgage loans, the value of the average amount outstanding stood in October at 56,916 euros, representing a reduction of 103 euros from the previous month, being given so following up the downward trend observed since 2011.
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