In 2022, Portugal overturned the sinking mortgage interest rate it had gone through during the coronavirus (COVID-19) pandemic. The country did not escape from the overall trend of falling mortgage interest rates observed in Europe during the COVID-19 crisis, which positioned national mortgage interest rates at 1.54 percent in the fourth quarter of 2021.
Interest rates as a weapon against inflation
Even though interest rates are affected by economic growth, monetary policies, the bond market, the stability of lenders, and the overall conditions of the housing market, inflation currently leads the European Central Bank (ECB)’s decisions regarding them. As inflation has been low in Europe since the 2008 financial crisis, the ECB lowered interest rates in an attempt to promote economic growth. However, the economic difficulties brought up by the coronavirus pandemic and the Russian-Ukrainian war have fueled inflation. To counteract this rise, the ECB increased interest rates. Portugal’s abrupt rise in interest rates on new residential loans from 0.83 percent in 2021 to 3.24 percent in 2022 demonstrates the balanced and calculated act between the two financial indices.
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Mortgage interest rate in Portugal from 1st quarter 2013 to 4th quarter 2023
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European Mortgage Federation. (May 3, 2024). Mortgage interest rate in Portugal from 1st quarter 2013 to 4th quarter 2023 [Graph]. In Statista. Retrieved February 20, 2025, from https://www.statista.com/statistics/615018/mortgage-interest-rate-portugal-europe/
European Mortgage Federation. "Mortgage interest rate in Portugal from 1st quarter 2013 to 4th quarter 2023." Chart. May 3, 2024. Statista. Accessed February 20, 2025. https://www.statista.com/statistics/615018/mortgage-interest-rate-portugal-europe/
European Mortgage Federation. (2024). Mortgage interest rate in Portugal from 1st quarter 2013 to 4th quarter 2023. Statista. Statista Inc.. Accessed: February 20, 2025. https://www.statista.com/statistics/615018/mortgage-interest-rate-portugal-europe/
European Mortgage Federation. "Mortgage Interest Rate in Portugal from 1st Quarter 2013 to 4th Quarter 2023." Statista, Statista Inc., 3 May 2024, https://www.statista.com/statistics/615018/mortgage-interest-rate-portugal-europe/
European Mortgage Federation, Mortgage interest rate in Portugal from 1st quarter 2013 to 4th quarter 2023 Statista, https://www.statista.com/statistics/615018/mortgage-interest-rate-portugal-europe/ (last visited February 20, 2025)
Mortgage interest rate in Portugal from 1st quarter 2013 to 4th quarter 2023 [Graph], European Mortgage Federation, May 3, 2024. [Online]. Available: https://www.statista.com/statistics/615018/mortgage-interest-rate-portugal-europe/
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