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Euribor increases at three and six months and decreases at 12 months

The Euribor rate rose today for three and six months and fell for 12 months compared to Thursday.

With today’s changes, the three-month Euribor, which increased to 3.865%, remains above the six-month rate (3.835%) and the 12-month rate (3.724%).

The six-month Euribor rate, which became the most used in Portugal in housing loans with variable rates and which was above 4% between September 14th and December 1st, rose today to 3.835%, plus 0.010 points, after having advanced on October 18 to 4.143%, a new maximum since November 2008.

Data from the Bank of Portugal (BdP) for February indicate the six-month Euribor as the most used, representing 36.6% of the stock of loans for permanent home ownership with variable rates. The same data indicates that the 12-month and three-month Euribor represented 34.7% and 24.6%, respectively.

Within 12 months, the Euribor rate, which was above 4% between June 16 and November 29, fell today to 3.724%, 0.004 points less than in the previous session, against the maximum since November 2008, from 4.228%, recorded on September 29th.

In the opposite direction, the three-month Euribor advanced, being set at 3.865%, plus 0.001 points, after having risen on October 19 to 4.002%, a new maximum since November 2008.

At the monetary policy meeting on April 11, the ECB maintained reference interest rates at the highest level since 2001 for the fifth consecutive time, after having made 10 increases since July 21, 2022.

The ECB’s next monetary policy meeting takes place on June 6 in Frankfurt.

The Euribor average in March remained at 3.923% for three months, fell 0.006 points to 3.895% for six months (compared to 3.901% in February) and rose 0.047 points to 3.718% for 12 months (compared to 3.671%).

Euribor began to rise more significantly from February 4, 2022, after the ECB admitted that it could raise key interest rates due to the increase in inflation in the euro zone and the trend was reinforced with the start of the invasion of Ukraine by Russia on February 24, 2022.

The three-, six- and 12-month Euribor rates recorded all-time lows, respectively, of -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set by the average of the rates at which a group of 19 banks in the euro zone are willing to lend money to each other in the interbank market.

Lusa