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