With today’s changes, the three-month rate, which increased to 2.051%, remained below the six-month (2.155%) and 12-month (2.233%) rates.
The six-month Euribor rate, which became the most used in Portugal for variable-rate home loans starting in January 2024, increased today, being set at 2.155%, 0.014 points higher than on Monday.
Data from the Bank of Portugal (BdP) for September indicate that the six-month Euribor accounted for 38.3% of the stock of home loans with a variable rate.
The same data show that the 12-month and three-month Euribor represented 31.87% and 25.33%, respectively.
The 12-month Euribor rate fell, being set at 2.233%, 0.002 points lower.
The three-month Euribor increased today to 2.051%, 0.003 points higher than on Monday.
Regarding the monthly average of the Euribor in October, it rose again across all three terms, more sharply over 12 months.
The average three-month Euribor in October rose 0.007 points to 2.034%, and the six-month rate increased by 0.005 points to 2.107%.
Over the 12-month term, the average Euribor increased more sharply in October, rising by 0.015 points to 2.187%.
On October 30, the European Central Bank (ECB) maintained the key rates for the third consecutive monetary policy meeting, as anticipated by the market, following eight reductions since the entity began this cycle of cuts in June 2024.
ECB President Christine Lagarde stated at the end of the October 30 meeting in Florence that the entity is “well-positioned” from a monetary policy standpoint, but it is not a fixed position.
The next ECB monetary policy meeting is scheduled for December 17 and 18 in Frankfurt.
The Euribor rates are set based on the average rates at which a group of 19 Eurozone banks is willing to lend money to each other in the interbank market.
