Mortgage credit: Average interest rate for new operations decreases to 3.47%

It is the 11th consecutive month that the average interest rate on new home loans is decreasing.

In September, the average interest rate on new housing credit operations decreased for the 11th consecutive month, now standing at 3.47%. The average rate for new time deposits also fell for the 9th consecutive month, settling at 2.55%.

According to data from the Bank of Portugal (BdP), as seen on Notícias ao Minuto, the average interest rate on new housing credit operations (including both brand new contracts and renegotiated ones) dropped from 3.55% in August to 3.47% in September, maintaining a downward trend over the last 11 months.

In new housing credit contracts, the average interest rate decreased by 0.06 percentage points, reaching 3.37%. In renegotiated contracts, the average rate fell by 0.12 percentage points, to 3.85%.

In the eurozone, the average interest rate for new housing loans fell by 0.10 percentage points, reaching 3.59% - a slightly more pronounced decrease than in Portugal. Currently, Portugal has the seventh lowest average interest rate in the eurozone, below the European average.

Regarding consumer loans, the average interest rate for new operations decreased from 9.10% in August to 9.03% in September. For loans intended for other purposes, there was a reduction of 0.20 percentage points, now standing at 4.90%.

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