The Euribor rate for three months decreased to 1.954%, remaining below the six-month (2.046%) and 12-month (2.044%) rates following today’s adjustments.
The six-month Euribor, which became the most commonly used rate for variable housing credit in Portugal as of January 2024, fell today to 2.046%, a decrease of 0.018 percentage points.
Data from the Bank of Portugal (BdP) for March indicate that the six-month Euribor accounted for 37.65% of the stock of loans for permanent housing with a variable rate.
The same data indicates that the 12-month and three-month Euribor rates represented 32.39% and 25.67%, respectively.
Over a 12-month period, the Euribor rate also dropped, setting at 2.044%, a decline of 0.007 percentage points since Wednesday.
Similarly, the three-month Euribor, remaining below 2% since May 30, decreased to 1.954%, a drop of 0.006 percentage points and a new low since November 29, 2022.
In May, the monthly Euribor averages declined across all three terms, more significantly for the shortest term (three months) and less so than in previous months.
The average Euribor in May decreased by 0.150 percentage points to 2.099% for three months, 0.082 points to 2.120% for six months, and 0.062 points to 2.091% for 12 months.
Today, a new European Central Bank (ECB) monetary policy meeting takes place in Frankfurt, with markets anticipating a further 0.25 percentage point cut in the main rate to 2%.
If implemented, this reduction would mark the eighth cut since the ECB began this cycle in June 2024 and, according to analysts, the last of the year.
On April 17, during the last monetary policy meeting, the ECB reduced its main rate by a quarter point to 2.25%.
The Euribor rates are established by the average rates at which a group of 19 banks in the eurozone agree to lend money to one another in the interbank market.
