The three-month Euribor rate fell to 1.994%, remaining below the six-month and 12-month rates, which stood at 2.070% and 2.147%, respectively.
In recent developments, the monthly Euribor averages have reversed their recent downward trend, with slight increases for three and six months, and a more significant rise for the six-month term.
At 12 months, after remaining stable in June, the Euribor average decreased by 0.002 points to 2.079%.
The average Euribor rate for July increased by 0.002 points to 1.986% for three months and by 0.005 points to 2.055% for six months.
The six-month Euribor rate, which became the most widely used benchmark for variable-rate mortgages in Portugal as of January 2024, decreased today, settling at 2.070%, 0.005 points lower than on Thursday.
According to June data from the Banco de Portugal (BdP), six-month Euribor accounted for 37.74% of the outstanding stock of mortgages with variable rates.
The same data indicates that 12-month and three-month Euribor represented 32.28% and 25.58%, respectively.
For the 12-month term, the Euribor rate increased today, registering at 2.147%, up by 0.021 points.
The three-month Euribor rate decreased to 1.994%, down by 0.014 points from the previous session, falling below 2% after four consecutive sessions above this mark.
At the European Central Bank’s (ECB) last monetary policy meeting on July 24, the key interest rates were maintained, as expected by the markets, following eight rate cuts since the start of this cycle in June 2024.
While some analysts predict that the ECB will keep rates unchanged at least until the end of the year, others foresee a potential 25 basis point cut in September.
The next ECB monetary policy meeting is scheduled for September 10-11 in Frankfurt.
The Euribor rates are determined by the average interest rates at which a panel of 19 eurozone banks are willing to lend to each other in the interbank market.
