With today’s changes, the three-month Euribor rate, which decreased to 1.939%, remained below the six-month (2.036%) and 12-month (2.062%) rates.
The six-month Euribor rate, which became the most used in Portugal for variable rate housing loans in January 2024, fell today, being set at 2.036%, a decrease of 0.001 points.
Data from the Bank of Portugal (BdP) for April indicates that the six-month Euribor represented 37.61% of the stock of loans for permanent housing with a variable rate.
The same data indicates that the 12-month and three-month Euribor represented 32.46% and 25.60%, respectively.
On a 12-month term, the Euribor rate also fell, being set at 2.062%, 0.011 points less than on Thursday.
Similarly, the three-month Euribor, which has been below 2% since June 24, dropped today to 1.939%, 0.041 points less than on Thursday, marking a new low since November 25, 2022.
In May, the monthly averages of Euribor rates fell again across all three terms, though less intensely than in previous months, with the most significant decline in the shortest term (three months).
The average Euribor in May decreased by 0.162 points to 2.087% over three months, 0.086 points to 2.116% over six months, and 0.062 points to 2.081% over 12 months.
At the last monetary policy meeting on June 4 and 5 in Frankfurt, the European Central Bank (ECB) lowered interest rates by 0.25 basis points, with the main reference rate dropping to 2%.
This reduction 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 determined by the average of the rates at which a group of 19 banks in the euro area is willing to lend money to each other in the interbank market.
