The three-month Euribor rate, which decreased to 1.997%, remains below the six-month (2.041%) and 12-month (2.110%) rates following today’s adjustments.
The six-month Euribor, which became the most used for variable rate housing loans in Portugal in January 2024, rose today, reaching 2.041%, an increase of 0.005 points.
According to Bank of Portugal (BdP) data for April, the six-month Euribor represented 37.61% of the ‘stock’ of loans for primary residence with a variable rate.
The same data indicated that the 12-month and three-month Euribor represented 32.46% and 25.60%, respectively.
The 12-month Euribor rate also increased, reaching 2.110%, which is 0.017 points higher than on Monday.
Conversely, the three-month Euribor, which stayed below 2% between May 30 and June 12, decreased today to 1.997%, a drop of 0.034 points.
In May, the monthly averages of the Euribor rates fell again across all terms, less sharply than in previous months, with a more significant decline in the shortest term (three months).
The average Euribor in May decreased by 0.162 points to 2.087% for three months, 0.086 points to 2.116% for six months, and 0.062 points to 2.081% for 12 months.
At the last monetary policy meeting on June 4 and 5 in Frankfurt, the European Central Bank (ECB) reduced interest rates by 0.25 basis points, bringing the main rate down to 2%.
This decrease was the eighth since the ECB began this cycle of cuts in June 2024 and, according to analysts, is expected to be the last for this year.
The next ECB monetary policy meeting is scheduled for July 23 and 24 in Frankfurt.
The Euribor rates are set by the average of the rates at which a panel of 19 eurozone banks is willing to lend money to each other on the interbank market.
