The implicit interest rate on mortgage contracts stood at 3.079% in February, down from 3.111% in January 2026 and 3.830% in February 2025, according to data released this Thursday, the 19th, by the National Statistics Institute (INE). This represents a 3.2 basis point drop compared to January and the 25th consecutive month of decline. This downward trend has been accelerating since February 2024, when the rate was 4.641%. Since then, the evolution has been sustained, with the rate falling below 4% in January 2025 and now consolidating at 3.079% for February 2026. By usage category, the average rate for housing construction contracts was 3.026% in February, down 2.3 basis points from January. For home purchase loans, the rate was 3.077%, a decrease of 3.1 basis points, while rehabilitation contracts recorded 3.234%, a decrease of 6.9 basis points since the start of the year. Looking only at contracts signed in the last three months, the overall average rate rose slightly from 2.847% in January to 2.871% in February 2026. The INE indicates that, in this group, the average monthly payment was 397 euros—two euros lower than the previous month and three euros lower than in February 2025—with the interest component representing 48.9% of the average payment. In parallel, the average payment value for contracts signed in the last three months increased by 19 euros to 695 euros, a year-on-year rise of 11.7%. The average outstanding capital for all mortgage loans grew by 500 euros, reaching 76,494 euros, the INE concludes.