The average monthly payment across the housing loan portfolio rose in September, reflecting higher Euribor interest rates, with interest now making up a larger share of the payment than capital amortization.
This update is from Bica
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The implicit interest rate on all housing loans rose for the fourth consecutive month in September to 3.194%, up 3.2 basis points from August's 3.162% and reaching the highest level since September 2025. For contracts signed in the previous three months, the rate increased from 2.910% in August to 2.959% in September.
The 6-month Euribor, the most commonly used rate for variable-rate mortgages in Portugal, fell to 3.074% on Wednesday, while the 12-month rate dropped to 3.329%. The 3-month rate remained stable at 2.617%. These rates are set based on interbank lending in the Eurozone, with the European Central Bank's next monetary policy meeting scheduled for October 28-29.
The median bank appraisal value for housing reached 2,278 euros per square meter in September, a new record. This represents a 1.1% increase from August and a 14.2% rise compared to September 2025, with particularly high values in the Greater Lisbon and Algarve regions.