According to data published by the Bank of Portugal (BdP), the average monthly payment on outstanding housing loans increased for the 13th consecutive month in September, reaching €450, four euros more than in August and €32 above the level recorded at the end of 2025.

The BdP said the increase resulted from higher average payments on both existing loans and new contracts, “the latter having higher average instalments”.

The latest figures surpassed the €446 recorded in August, which was then the highest amount since the series began in December 2018, when the average payment stood at €267.

Meanwhile, the average interest rate on new housing loan operations rose again month-on-month in September, reaching 3.05%, above the 2.86% recorded in the same month of 2025.

According to BdP data, the average interest rate on new housing loan operations – including new contracts and renegotiations – increased by 0.05 percentage points from the 3.01% recorded in August, reaching its highest level since April 2025, when it also stood at 3.06%. In September and October 2023, this rate reached 4.31%.

The central bank explained that this increase resulted from new contracts, whose average interest rate rose by 0.07 percentage points to 3.07%.

By contrast, the average interest rate on renegotiated contracts fell by 0.02 percentage points, standing at 3.05%.

In the euro area, the average interest rate on new housing loan operations increased by 0.02 percentage points to 3.62%. Portugal moved up one position among euro area countries, recording the fifth-lowest average rate, after Malta, Bulgaria, Croatia and Spain.

In September, 86% of new housing loans were contracted at mixed rates, meaning an initial period with a fixed interest rate followed by a variable rate.

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