The Euribor rate for three months, which declined to 2.021%, remained below the six-month (2.069%) and 12-month (2.089%) rates following today’s adjustments.
The six-month Euribor rate, which became the most utilized in Portugal for variable-rate housing loans as of January 2024, decreased today to 2.069%, a drop of 0.010 points compared to Tuesday.
According to Banco de Portugal (BdP) data from May, the six-month Euribor accounted for 37.75% of the outstanding stock of variable-rate loans for permanent housing.
The same data shows that the 12-month and three-month Euribor represented 32.32% and 25.57%, respectively.
The 12-month Euribor rate also decreased, being set at 2.089%, down by 0.019 points.
The three-month Euribor fell to 2.021% today, a reduction of 0.021 points from the previous session.
Monthly averages for the Euribor dropped again in June for the two shorter terms, although less significantly than in previous months and more markedly for the three-month term.
The 12-month Euribor monthly average held steady at 2.081%.
June’s Euribor average decreased by 0.103 points to 1.984% for three months and by 0.066 points to 2.050% for six months.
In its most recent monetary policy meeting on June 4th and 5th in Frankfurt, the European Central Bank (ECB) reduced interest rates by 0.25 basis points, lowering the main policy rate to 2%.
This cut was the eighth since the ECB started this series of reductions in June 2024 and is expected by analysts to be the last of the year.
The next ECB monetary policy meeting is scheduled for July 23rd and 24th in Frankfurt.
Euribor rates are determined by the average interest rates at which a panel of 19 Eurozone banks is willing to lend money to each other in the interbank market.
