The changes today show that the three-month Euribor rate, which fell to 2.176%, is now higher than both the six-month rate at 2.131% and the 12-month rate at 2.076%.
The six-month Euribor rate, which became the most used in Portugal for variable rate residential mortgage loans in January 2024, increased today, being fixed at 2.131%, a rise of 0.007 points.
Data from the Bank of Portugal (BdP) for February indicate that the six-month Euribor accounted for 37.52% of the stock of variable-rate mortgage loans for owning a home.
The same data show that the 12-month and three-month Euribor rates accounted for 32.50% and 25.72%, respectively.
For the 12-month period, the Euribor rate also rose, being set at 2.076%, an increase of 0.010 points compared to Monday.
Conversely, the three-month Euribor, which has been below 2.5% since March 14, dropped today to 2.176%, a decrease of 0.010 points.
On April 17, during the last monetary policy meeting, the European Central Bank (ECB) lowered the key interest rate by a quarter point to 2.25%.
This decrease, anticipated by the markets, was the seventh since the ECB began this cycle of rate cuts in June 2024.
The next ECB monetary policy meeting is scheduled for June 5 and 6 in Frankfurt.
On a monthly basis, the average Euribor in March fell again for three, six, and twelve months, but less intensely than in previous months.
The March averages for three, six, and twelve-month Euribor decreased by 0.083 points to 2.442% for three months, 0.075 points to 2.385% for six months, and 0.009 points to 2.398% for twelve months.
The Euribor rates are determined by the average rates at which a group of 19 eurozone banks are willing to lend money to each other in the interbank market.
