Today’s changes in Euribor rates saw the three-month rate rise to 2.191%, surpassing both the six-month rate at 2.173% and the 12-month rate at 2.128%.
The six-month Euribor rate, which became the most commonly used rate for variable-rate mortgages in Portugal as of January 2024, increased today to 2.173%, marking an increment of 0.019 percentage points.
Data from the Bank of Portugal (BdP) from February show that the six-month Euribor accounts for 37.52% of the outstanding variable-rate home loans for primary residences. The 12-month and three-month Euribor rates represented 32.50% and 25.72%, respectively.
On a 12-month basis, the Euribor rate also saw an increase, settling at 2.128%, which is 0.024 percentage points higher than Thursday’s rate.
Similarly, the three-month Euribor, which has remained below 2.5% since March 14, rose today to 2.191%, gaining 0.008 percentage points.
On April 17, during its latest monetary policy meeting, the European Central Bank (ECB) lowered the benchmark rate by a quarter point to 2.25%, as anticipated by market analysts.
This reduction marked the seventh in the current cycle initiated by the ECB in June 2024.
On a monthly basis, the average Euribor in March continued to decrease for the three-month, six-month, and 12-month terms, albeit at a slower pace compared to previous months.
In March, the average Euribor rates decreased by 0.083 percentage points to 2.442% for three months, by 0.075 points to 2.385% for six months, and by 0.009 points to 2.398% for 12 months.
The Euribor rates are determined by the average rates at which 19 eurozone banks are willing to lend to each other on the interbank market.
