The three-month Euribor rate has risen to 2.183%, surpassing the six-month and 12-month rates, each at 2.154% and 2.104%, respectively.
The six-month Euribor rate, which became the most used for variable-rate mortgages in Portugal in January 2024, decreased to 2.154%, a reduction of 0.040 points, marking a new low since October 31, 2022.
Data from the Bank of Portugal (BdP) for February shows that the six-month Euribor accounted for 37.52% of the stock of variable-rate loans for primary residential mortgages. The 12-month and three-month Euribor rates accounted for 32.50% and 25.72%, respectively, of the same stock.
The 12-month Euribor rate also fell, reaching 2.104%, a reduction of 0.028 points compared to Wednesday.
Similarly, the three-month Euribor, which has remained below 2.5% since March 14, decreased to 2.183%, down 0.053 points, achieving a new low reached last on January 5, 2023.
The European Central Bank (ECB) monetary policy meeting concludes today, with markets expecting another quarter-point reduction in the key interest rate.
ECB President Christine Lagarde suggested in March that the institution might pause interest rate cuts in April.
As anticipated, during the March meeting, the ECB decided for the fifth time in six months to reduce the key interest rates by a quarter point, bringing them to 2.5%.
Monthly, the average Euribor rates for March decreased at three, six, and 12 months, though less sharply than in previous months.
The average three, six, and 12-month Euribor rates in March fell 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 12 months.
The Euribor rates are determined by the average interest rates at which a panel of 19 eurozone banks is willing to lend money to each other in the interbank market.
