Residential Mortgage Rates Steady in March

21 April 2020 After seven months of consecutive decline, the residential mortgage rate held mostly steady in March. According to the National Statistics Institute (INE), the implicit interest stayed below 1% at 0.998%, down by 0.001% from February.

Loans to finance the acquisition of homes, the most significant component of mortgage finance, saw the average implicit interest rate rise by 0.1 basis points to 1.019%. The average amount of outstanding loans rose by €85 to 53,840 euros. At the same time, the average monthly payment rose by one euro to 249 euros.

Original Story: Economia Online – Rita Neto

Translation/Summary: Richard D. Turner