en 
“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).
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Oh dear, how sad. Never mind.
By Ian from Other on 02 Sep 2022, 07:12
This is only the beginning as central banks around the world scramble to fix the massive policy errors of money printing for the last 20 years or so.
Inflation they told us would only be temporary,however the truth is it is out of control.
Interest rates have only just begun to tighten in the Eurozone compared to the USA and I am afraid they will move sharply higher over the next year or two.
Borrowing be it for shares or property is leverage.All great when everything is going up but disastrous when asset prices turn south.
This is going to be worse than the 1970's according to noted historian Niall Ferguson who is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and a senior fellow at the Belfer Center for Science and International Affairs at Harvard University.
Ignore the voices of reason at your peril.
By James from Algarve on 03 Sep 2022, 09:43