The implicit interest rate in the set of residential mortgage contracts stood at 0.811% in June, down from 0.820% in the previous month. According to data published by the National Institute of Statistics, the interest rate for contracts signed in the last three months rose from 0.677% in May to 0.693% in June.
In June, the average outstanding principal increased by 451 euros to 56,462 euros. The average instalment rose 3 euros, to 235 euros.
The implicit interest rate on mortgage loans fell to 0.811%, down 0.9 basis points on the previous month. The interest rate was 0.693% (vs 0.677% during the previous period) for contracts signed in the last three months.
Regarding Home Purchases, the most relevant type of financing for mortgage loans, the implicit interest rate decreased to 0.828% (-1.0 b.p. vis-à-vis May). For contracts signed in the last three months, the interest rate rose for the second consecutive month to 0.686% (0.671% in the previous month).
According to INE, the average monthly instalment rose by 3 euros to 235 euros. Of this, 38 euros (16%) correspond to interest payments and 197 euros (84%) to amortised capital. In contracts entered into in the last three months, the average value of the instalment rose by 12 euros, to 292 euros.
According to the analysis, in June, the average principal debt for all contracts rose by 451 euros compared to the previous month, to stand at 56,462 euros. For contracts entered into in the last three months, the average principal amount outstanding was 114,865 euros, 510 euros more than in May.