12-month Euribor rises to new highs since 2008

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According to the Bank of Portugal, the 12-month Euribor corresponds to more than 40% of the stock of variable-rate permanent home loans.

The Euribor rate rose, this Wednesday (22), in the three and 12 months indexes. The one-year rate reaches 3.625%, a value that has not been seen since December 2008. A decrease was also registered in the 6-month reference value.

The 12-month rate rose 0.047 percentage points, compared to Tuesday (the 21st). The records of the 20th and the 21st marked a decrease of 0.001 points.

According to the Bank of Portugal, the 12-month Euribor currently represents 43% of the stock of variable-rate permanent home loans. The 6-month Euribor represents 32% of the volume.

On April 12, 2022, the Euribor rate recorded its first positive evolution, countering the trend seen since February 2016. The 12-month Euribor has been positive since April 21, 2022.

The most significant increase in Euribor occurred on February 4, 2022, after the European Central Bank (ECB) assumed the possibility of an increase in key interest rates in view of rising inflation in the Eurozone. The trend was reinforced with the beginning of the Ukraine-Russia conflict on February 24, 2022.

Euribor is set according to the average of the rates at which a group of 57 banks in the Eurozone lend money to each other in the interbank market.

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