The three-month Euribor rate today adjusted to 2.158%, surpassing both the six-month rate (2.104%) and the 12-month rate (2.022%).
The six-month Euribor rate, which became the most widely used in Portugal for variable rate home loans as of January 2024, decreased to 2.104%, a decline of 0.069 points, marking its lowest level since October 28, 2022.
According to data from the Bank of Portugal (BdP) for February, the six-month Euribor accounted for 37.52% of the outstanding stock of home loans with variable rates. The figures also show that the 12-month and three-month Euribor represented 32.50% and 25.72%, respectively.
The 12-month Euribor rate also fell to 2.022%, a decrease of 0.106 points compared to Tuesday, marking its lowest level since September 9, 2022.
Similarly, the three-month Euribor, which has remained below 2.5% since March 14, fell to 2.158%, dropping 0.033 points to reach a new minimum since December 20, 2022.
On April 17, during the last monetary policy meeting, the European Central Bank (ECB) lowered its key interest rate by a quarter of a percentage point to 2.25%, as anticipated by market analysts.
This reduction was the seventh in a series that the ECB began in June 2024.
The ECB’s next monetary policy meeting is scheduled for June 5 and 6 in Frankfurt.
On a monthly basis, the average Euribor rate for March continued to decline across three, six, and 12 months but at a less sharp rate than in previous months.
In March, the three-month Euribor average decreased by 0.083 points to 2.442%, the six-month average fell by 0.075 points to 2.385%, and the 12-month average dropped by 0.009 points to 2.398%.
The Euribor rates are determined by averaging the rates at which a panel of 19 eurozone banks are willing to lend money to each other in the interbank market.
