According to data published today by the National Statistics Institute, the interest rate fell from 0.693% in June to 0.674% in July on contracts signed in the last three months. In July, the average capital debt increased 328 euros, setting at 56 790 euros, as the average instalment remained at 235 euros.
The implicit interest rate on mortgages fell to 0.800%, down 1.1 basis points on the previous month. In contracts signed in the last three months, the interest rate was 0.674% (0.693% during the last period). Home purchases, the most important type of mortgage lending, saw the implicit interest rate drop to 0.816% (-1.2 b.p. vs June).
The interest rate reached 0.670% for contracts signed in the last three months, vs 0.686% last month. The average instalment remained at 235 euros. Thirty-eight euros (16%) corresponded to interest payments and 197 euros (84%) to amortization. For contracts signed in the last three months, the average instalment fell by 7 euros, to 285 euros.
The average outstanding principal for all contracts rose by 328 euros compared to June, reaching 56,790 euros. For contracts entered into in the last three months, the average outstanding principal stood at 116,815 euros, up by 1,950 euros.
