The interest rate implicit in all housing credit contracts was 3.398% in May, the highest value since June 2009, representing an increase of 28.8 basis points (bps) compared to April (3.110%), advancing today the INE.

According to the National Statistics Institute – INE, in contracts signed in the last three months, the interest rate was 3.882%, which translates into an increase of 20.7 bps. compared to April, reaching the highest value since August 2012.

For the financing destination Housing Acquisition, the most relevant in all housing loans, the implicit interest rate for total contracts rose to 3.383% (+28.5 b.p. compared to April). In contracts signed in the last three months, the interest rate increased by 21.0 bps. compared to the previous month, standing at 3.871%.

INE also indicates that considering all contracts, the average value of the monthly installment was set at 352 euros in May, 11 euros more than in April and 92 euros more than in May 2022 (increase of 35.4%) . Of this amount, 179 euros (51%) correspond to interest payments and 173 euros (49%) to amortized capital – in May 2022, the interest component represented only 16% of the average installment value (260 euros). In contracts concluded in the last three months, the average value of the installment rose by 1 euro compared to the previous month, to 591 euros in May (an increase of 51.2% compared to the same month of the previous year).

Average debt capital

In May, the average outstanding capital for all contracts rose by 197 euros compared to the previous month, standing at 63,169 euros. For contracts signed in the last three months, the average amount owed was 124,065 euros, 1,669 euros less than in April.