The implicit interest rate on all mortgage loans fell in January 2019 for the sixth consecutive month: it stood at 1%, the lowest figure since the National Statistics Institute (INE) began recording data (January 2019) – the previous low was in June 2017 (1.007%).
“The implicit interest rate on all mortgage contracts was 1.000% in January 2020 (1.011% in the previous month). In contracts signed in the last three months, the interest rate rose from 1.065% to 1.090%,” concludes INE.
The average amount of the installment due fell by one euro in January, across all contracts, to 247 euros. “Of this amount, €45 (18%) corresponds to interest payments and €202 (82%) to amortized capital,” says INE, adding that in contracts signed in the last three months, the average installment amount fell by €28 to €337.
The average outstanding capital for all contracts rose by €148 in January compared to the previous month, standing at €53,608. For contracts signed in the last three months, the average outstanding capital was €105,127, €2,189 more than in December 2019.
Source: idealistanews