Current adjustments have led to the three-month Euribor rate dropping to 2.075%, positioning it below the six-month rate of 2.120% and the 12-month rate of 2.094%.
The six-month Euribor rate, now the most popular for variable-rate mortgages in Portugal as of January 2024, fell to 2.120%, which is a decrease of 0.036 points.
According to data from the Bank of Portugal (BdP) for March, the six-month Euribor accounted for 37.65% of the outstanding amount of variable-rate home loans.
The data also shows that the 12-month and three-month Euribor rates represented 32.39% and 25.67%, respectively.
Similarly, the 12-month Euribor rate decreased to 2.094%, marking a drop of 0.048 points from Friday’s rate.
The three-month Euribor, which has remained below 2.5% since March 14, also decreased today to 2.075%, a reduction of 0.026 points and a new low since December 19, 2022.
In April, the average monthly Euribor rates declined significantly across all terms, with the most notable decrease observed in the 12-month term.
During April, the average three, six, and 12-month Euribor rates decreased by 0.193 points to 2.249%, by 0.183 points to 2.202%, and by 0.255 points to 2.143%, respectively.
On April 17, during its latest monetary policy meeting, the European Central Bank (ECB) lowered its key interest rate by a quarter-point to 2.25%.
This reduction, anticipated by the markets, marks the seventh rate cut since the ECB began this series of reductions in June 2024.
The ECB’s next monetary policy meeting is scheduled for June 5-6 in Frankfurt.
Euribor rates are determined by the average interest rates at which a group of 19 Eurozone banks are willing to lend money to each other on the interbank market.
