With today’s changes, the three-month rate, which fell to 2.048%, remained below the six-month (2.141%) and 12-month (2.235%) rates.
The six-month Euribor rate, which became the most used in Portugal for variable rate mortgages as of January 2024, remained unchanged today, holding steady at 2.141%, the same as Friday.
Data from the Banco de Portugal (BdP) related to September indicate that the six-month Euribor accounted for 38.3% of the outstanding stock of variable-rate loans for primary residence housing.
The same data indicate that the 12-month and three-month Euribor represented 31.87% and 25.33%, respectively.
Over a 12-month period, the Euribor rate also remained unchanged, being set again at 2.235%, the same level as the previous session.
Reversing the trend of the previous four sessions, the three-month Euribor fell today to 2.048%, a decrease of 0.0021 points from Friday.
Regarding the average monthly Euribor in October, it rose again across all three terms, with a more pronounced increase over 12 months.
The average Euribor in October gained 0.007 points to 2.034% over three months and 0.005 points to 2.107% over six months.
However, over 12 months, the Euribor average increased more noticeably in October, specifically by 0.015 points to 2.187%.
On October 30, the European Central Bank (ECB) maintained its key rates for the third consecutive monetary policy meeting, as had been anticipated by the market and following eight reductions since the entity started this cycle of cuts in June 2024.
The President of the ECB, Christine Lagarde, stated at the close of the October 30 meeting in Florence that the entity is “well-positioned” from a monetary policy standpoint, although this is not a static position.
The next ECB monetary policy meeting is scheduled for December 17 and 18 in Frankfurt.
The Euribor rates are determined by the average rates at which a group of 19 eurozone banks are prepared to lend to each other in the interbank market.
