“The average interest rate on new housing loans rose to 1.88% (1.47% in June), registering the biggest monthly rise in the average interest rate on these loans since the beginning of the statistical series in 2003”, advances the Banco de Portugal (BdP).

According to the bank, “this evolution is in line with the rise in the average Euribor rates in June, as there is typically a lag of one month between the Euribor interest rates and their reflection on the applied interest rates”.

In July, more than half of the amount of new housing loans used the 12-month Euribor index, whose average value rose from 0.29% in May to 0.85% in June.

In terms of new consumer loans, the average interest rate increased to 7.88% (7.79% in June).