The average interest rate on time deposits from individuals rose in February to 0.65%, just nine basis points higher than 0.56% in January, the Bank of Portugal (BdP) revealed on Friday. The average interest rate on new home loans at a variable rate (Euribor) increased to 3.56% and the fixed rate remained at 4.20%.
The regulator adds: “The bonus for new deposits with an agreed maturity over two years rose 39 basis points, to 0.54%, the highest value in six years.” Add to that new deposits with a maturity of up to a year offset, on average, by 0.56% (0.43% in January), and “new deposits for one to two years by 1.15% (1.13% in January).”
New personal deposits amounted to 5,900 million euros, up slightly from 5,727 million in January. Compared to the same month last year, the increase is significant, amounting to 3,596 million euros.
On the home credit front, the amount of rate families pay is much higher. The average interest rate on new, variable loans (linked to Euribor) rose to 3.56% in February, “reducing the spread with respect to the fixed rate, which remained at 4.20%,” highlights the supervisor.
Lower mortgage loan amount
Despite the economic climate and the sharp rise in Euribor prices, the amount of credit extended to households increased slightly, compared to January, but only in consumer credit. In all, banks lent 1,929 million euros in new loans, up eight million from the first month of January.
In mortgage loans, the amount decreased by 35 million euros, rising to 1,386 million euros.
The average interest rate on housing contracts with a variable rate, or linked to the Euribor, was set at 3.56% (3.37% in January), and the fixed rate remained at 4.20%.
In the consumer credit sector and for other purposes, the amounts amounted to 428 million euros and 154 million euros, respectively, in addition to 25 and 19 million euros in the same order.
The average interest rate on new consumer loans was 8.48%, just down from 8.45% in January), and the same goes for loans for other purposes, which stood at 4.97% (4.98% in January).
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