The implicit interest rate on mortgage loans fell for the fifth month in a row in June, to 4.513%, 4.3 basis points lower than the previous month, having accumulated a reduction of 14.4 basis points since the maximum reached in January 2024 (4.657%).
According to the National Statistics Institute (INE), in contracts signed in the last three months, the interest rate fell for the eighth month in a row in June, standing at 3.729%, 11.6 basis points lower than in the previous month, and in this case the accumulated decrease since the maximum reached in October 2023 is 65.1 basis points.
For house purchase loans, the most important type of mortgage loans as a whole, the implicit interest rate for all contracts fell for the fifth month in June, to 4.474%. For contracts signed in the last 3 months, the interest rate fell for the eighth month in a row, dropping 12.0 basis points on the previous month to 3.706%.
In the month under review, taking all contracts into account, the average monthly instalment stood at 404 euros, the same amount as the previous month and 43 euros (11.9%) more than in June 2023.
Of the instalment amount, 245 euros (61%) correspond to interest payments and 159 euros (39%) to amortised capital. In contracts signed in the last quarter, the average instalment fell by six euros compared to the previous month, to 597 euros, corresponding to a 2.0% drop year-on-year.
In the sixth month of the year, the average outstanding capital for all contracts rose 355 euros compared to the previous month, to 66,279 euros. For contracts signed in the last 3 months, the average amount owed was 125,942 euros, 1,426 euros more than in May