The three-month Euribor rate dropped to 2.039%, placing it below the six-month and 12-month rates, which are now at 2.089% and 2.082%, respectively.
The six-month Euribor, which became the most utilized rate for variable housing credit in Portugal as of January 2024, decreased today to 2.089%, marking a new low since October 28, 2022.
According to data from the Bank of Portugal (BdP) for March, the six-month Euribor accounted for 37.65% of the stock of loans for permanent owner-occupied housing with a variable rate.
The same data showed that the 12-month and three-month Euribor rates represented 32.39% and 25.67%, respectively.
The 12-month Euribor rate also decreased, setting at 2.082%, which is 0.014 points lower than last Friday.
Similarly, the three-month Euribor, which has been below 2.5% since March 14, dropped to 2.039%, decreasing by 0.009 points, setting a new low since December 9, 2022.
In April, the monthly averages of Euribor rates experienced significant declines across all three terms, more pronounced than in previous months, particularly over the longer term (12 months).
The average Euribor rates for three, six, and 12 months in April decreased by 0.193 points to 2.249% for three months, 0.183 points to 2.202% for six months, and 0.255 points to 2.143% for 12 months.
On April 17, during the latest monetary policy meeting, the European Central Bank (ECB) reduced the key interest rate by a quarter of a point to 2.25%.
This reduction, anticipated by the markets, was the seventh since the ECB started this cycle of cuts in June 2024.
The next monetary policy meeting of the ECB is scheduled for June 5 and 6 in Frankfurt.
The Euribor rates are determined by the average of the rates at which a panel of 19 eurozone banks is willing to lend money to each other in the interbank market.
