The implicit interest rate on home loan contracts decreased to 3.111% in January 2026, down from 3.130% last December and 3.984% in January 2025, according to the National Statistics Institute (INE).
With this drop, for 24 consecutive months, the implicit interest rate on real estate credit contracts has fallen. This rate peaked in January 2024, at 4.657%.
For the purpose of purchasing housing, the most relevant in all real estate credit (the other destinations are housing construction and rehabilitation), the implicit interest rate for total contracts fell to 3.108%.
Considering all contracts, the average value of the monthly installment was R$399 in January, two reais more compared to December (R$397) and equal to January 2025.
Of the value of the January installment, R$195 (48.9%) corresponds to interest payments and R$204 (51.1%) to amortized principal. According to INE, for the fifth consecutive month, the interest component has a weight of less than 50%.
As for contracts made in the last three months, the interest rate was 2.847% (below the 2.850% in December and 3.169% in January 2025).
In these contracts, the average installment value was 676 euros in January (one euro above the 675 euros in December and 75 euros above the 601 in January 2025).
In January, the average outstanding capital was R$75,994 for all contracts, R$724 more compared to December.
For contracts signed in the last three months, the average amount owed was R$168,853, R$503 more than in December 2025.
The interest rate implicit in mortgage loans reflects the relationship between the total interest accrued in the reference month and the principal outstanding at the beginning of that month (before repayment).
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