The increase in monthly mortgage payments, although less intense than that recorded in 2023 (it increased by 94 euros compared to 2022), was due to higher interest rates, namely Euribor, which serve as a basis for calculating the instalment paid to the bank.

The average interest rate on all real estate credit contracts rose to 4.451% last year, an increase of 0.826 percentage points compared to the previous year, according to data released by the National Statistics Institute (INE).

The good news for families is that 2025 should bring relief from mortgage payments, after last summer the European Central Bank (ECB) began a new phase of reducing official rates, which should continue this year. Furthermore, new contracts signed over the past year already reflect this reality: the average interest rate fell to 3.771%, falling 0.205 percentage points compared to contracts signed in 2023.

INE data also reveals that the average capital owed to the bank increased by around three thousand euros, exceeding the 66.5 thousand euros per existing home loan agreement.