Portugal’s Mortgage Rates Soar: What You Need to Know
Portugal's mortgage rate swing has seen a significant shift in just one year, with banks now offering the seventh most expensive mortgage loan in the Eurozone. Find out what you need to know about this sudden change and how it may impact you.
The average interest rate on new housing loans in Portugal has nearly doubled in the past year, according to data from Banco de Portugal. In September 2022, the average interest rate stood at 2.23%, but by September of this year, it had risen to 4.26% - the highest value since February 2012. This significant increase can be attributed to the soaring Euribor rates, which are used as an index for calculating mortgage payments for 98% of housing loans in the country. Over the past year, the 3-month Euribor rate nearly tripled, while the 12-month Euribor rate almost doubled.
The fluctuation in Portugal's ranking of housing credit offers in the Eurozone may be linked to the types of contracts signed by families. This trend highlights the challenges faced by Portuguese households in securing affordable housing loans amidst the changing economic landscape.
In conclusion, the sharp rise in interest rates on housing loans in Portugal reflects the impact of fluctuating Euribor rates and the challenges faced by families in securing affordable housing credit. As the housing market continues to evolve, it is crucial for policymakers and financial institutions to address the needs of borrowers and ensure access to fair and transparent lending practices.
Portugal’s Mortgage Rates Soar: What You Need to Know
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