The Euribor rates rose today for the three, six, and 12-month terms, surpassing 2% in all durations.
Following today’s changes, the three-month rate increased to 2.001%, remaining below the six-month (2.070%) and 12-month (2.089%) rates.
The six-month Euribor rate, which became the most used in variable-rate mortgages in Portugal as of January 2024, rose today to 2.070%, up by 0.019 points from Wednesday.
Data from the Bank of Portugal for May shows that the six-month Euribor accounted for 37.75% of the stock of variable-rate housing loans for permanent residence.
The same data indicates that the 12-month and three-month Euribor represented 32.32% and 25.57%, respectively.
For the 12-month term, the Euribor rate also advanced, reaching 2.089%, an increase of 0.006 points from Wednesday.
Similarly, the three-month Euribor rose today to 2.001%, up by 0.032 points from the previous session.
The monthly averages of the Euribor fell again in June for the two shorter durations, though less sharply than in previous months, and more significantly for the shortest term (three months).
Meanwhile, the 12-month average Euribor remained at 2.081%.
The average Euribor in June decreased by 0.103 points to 1.984% for three months and by 0.066 points to 2.050% for six months.
In the latest monetary policy meeting on June 4th and 5th in Frankfurt, the European Central Bank (ECB) cut interest rates by 0.25 basis points, reducing the main rate to 2%.
This reduction was the eighth since the ECB began this cycle of cuts in June 2024, and analysts believe it will be the last for this year.
The next ECB monetary policy meeting is scheduled for July 23rd and 24th in Frankfurt.
The Euribor rates are determined by the average rates at which a group of 19 eurozone banks are willing to lend money to each other in the interbank market.
