The European Central Bank raised interest rates by 0.25 basis points, setting the deposit rate at 2.5%, a decision driven by inflation that continues to fail to return to the 2% target. Deco PROteste warned that this increase will intensify pressure on Portuguese families with mortgage loans, as the ECB's key rates influence the evolution of reference rates such as Euribor, used in the majority of real estate loans in Portugal.
For a 250,000 euro loan over 30 years with a 1% spread, monthly payments can exceed 1,180 euros, depending on the reference rate. The consumer protection association calculated that, for a 150,000 euro loan under the same conditions, the monthly payment in September ranges between 674.66 euros (3-month Euribor) and 712.15 euros (12-month Euribor), while for a 350,000 euro financing, the monthly cost can reach 1,661.69 euros with 12-month Euribor.
Deco pointed out that the increase is not solely due to this ECB decision. The 6-month Euribor, the maturity most commonly used in Portuguese mortgage contracts, has risen 26% since the beginning of the Middle East conflict, and 12-month Euribor recorded its highest monthly average value in August over the past two years. The organization warned that there is no room for rate cuts until the end of the year.
The association recommends that consumers with mortgage loans check their next payment review date, simulate different scenarios for Euribor evolution, and evaluate alternatives such as renegotiating the loan terms or transferring the loan to another institution. Deco provides simulators and the Proteste Crédito service to compare offers.
