The Euribor rates declined today across all maturities compared to Friday, with the six-month rate dropping to a new low since October 13, 2022.
With today’s changes, the three-month rate, which fell to 1.944%, remains below the six-month (2.016%) and 12-month (2.044%) rates.
The six-month Euribor rate, which became the most used in Portugal for variable-rate housing loans as of January 2024, decreased today to 2.016%, down 0.010 points from Friday.
Bank of Portugal (BdP) data for April showed that the six-month Euribor represented 37.61% of the outstanding loans for owner-occupied homes with variable rates.
The same data indicated that the 12-month and three-month Euribor accounted for 32.46% and 25.60%, respectively.
The three-month Euribor, which has stayed below 2% since June 24, dropped today to 1.944%, down 0.035 points from Friday.
Similarly, the 12-month Euribor fell to 2.044%, down 0.022 points from Friday.
At the last monetary policy meeting on June 04 and 05 in Frankfurt, the European Central Bank (ECB) lowered its interest rates by 25 basis points, reducing the main rate to 2%.
This cut was the eighth since the ECB began this cycle of rate reductions in June 2024 and, according to analysts, is expected to be the last 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 rates at which a group of 19 eurozone banks are willing to lend money to each other in the interbank market.
