The Euribor rate fell today compared to Friday and three and six months to lows since October and July, respectively. With today’s changes, the three-month Euribor, which fell to 3.824%, remains above the six-month rate (3.791%) and the 12-month rate (3.658%).
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, fell today to 3.791%, minus 0.011 points and one minimum since July 2023, after having increased on October 18 to 4.143%, a maximum since November 2008.
Data from the Bank of Portugal (BdP) for March 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- and three-month Euribor represented 34.3% and 24.9%, respectively.
Within 12 months, the Euribor rate, which was above 4% between June 16 and November 29, also fell today, to 3.658%, 0.035 points less than in the previous session, against the maximum since November 2008. of 4.228%, recorded on September 29th.
In the same sense, the three-month Euribor fell, being set at 3.824%, minus 0.003 points and a minimum since October, after having risen on October 19 to 4.002%, a maximum since November 2008.
At the last 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 April fell across the three maturities, namely 0.037 points to 3.886% for three months (compared to 3.923% in March), 0.056 points for 3.839% for six months (compared to 3.895%) and 0.016 points for 3.702% for 12 months (against 3.718%).
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.
