The Bank of Portugal published updated statistics on interest rates and volumes for new bank loans and deposits to non-financial corporations and households through November 2024, covering transactions between banks resident in Portugal and euro area resident customers. The update shows household term deposit rates continued to fall, while new housing loan activity remained high and mortgage rates declined further. For households, the average rate on new term deposits fell for the 11th consecutive month to 2.28% and new term deposit volumes declined to EUR 11,612 million. Deposits up to one year accounted for 97% of new household term deposits, with an average rate of 2.30%, while one to two-year and over two-year deposits averaged 1.74% and 1.54%. The euro area average for new household term deposits was 2.61%, with Portugal recording the sixth-lowest rate. For firms, the average rate on new term deposits decreased to 2.70% and volumes totalled EUR 6,801 million, with deposits up to one year representing 99%. On lending, new household loan operations totalled EUR 2,982 million, with statistics including both entirely new contracts and renegotiations. New housing loan contracts were EUR 1,667 million, the second-highest value in the series starting in December 2014, and borrowers under 35 accounted for 48% of new lending for owner-occupied permanent housing. The average rate on new housing loan operations fell to 3.29%, the lowest since January 2023, with new contracts at 3.18% and renegotiations at 3.65%. New consumer loan and other-purpose loan rates averaged 8.71% and 4.03%. New corporate loan operations were EUR 2,167 million and the average rate decreased to 4.46%, driven by a decline in rates on loans up to EUR 1 million. The next update is scheduled for 4 February 2025.

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