Mortgage credit: Average payment decreases for the first time since 2021.

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“This was the first month since the beginning of the statistical series, in December 2021”

The average monthly housing credit installment dropped for the first time by a few euros, since December 2021.  

The information is provided by the Bank of Portugal (BdP), which indicates a decrease in the installment from 426 to 423 euros.

According to the statement from BdP, quoted by Notícias ao Minuto, "the average monthly installment of the housing credit stock was 423 euros, a decrease of 3 euros compared to February. This was the first month since the beginning of the statistical series, in December 2021, in which a decrease in the average monthly installment was observed".

The BdP also reveals that in March, most new housing loans were contracted under the mixed interest rate regime (74%) - implying a fixed interest rate in the initial period, and then a variable rate).  

As for the average interest rate of these new financing operations, it went from 3.92% in February to 3.83% in March. In the case of new contracts, it decreased from 3.72% to 3.68% in March. And in the renegotiated contracts, it went from 4.27% to 4.20%. Learn more here.

The value of the new operations of these loans to individuals, including new contracts and renegotiated ones, totaled 2.583 billion euros in March, an increase of 58 million euros compared to February. On the other hand, the value of housing credit renegotiations decreased by 118 million euros compared to February, totaling 549 million euros in March 2024. 

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