The Euribor rate for three months, which decreased to 2.005%, remains below the six-month (2.123%) and 12-month (2.211%) rates after today’s changes.
The six-month Euribor, now the most used rate in Portugal for variable-rate housing loans since January 2024, fell to 2.123%, a slight decline of 0.001 percentage points from Friday.
According to the Bank of Portugal’s (BdP) September data, the six-month Euribor accounted for 38.3% of the outstanding variable-rate loans for owner-occupied housing.
The same data indicated that the 12-month and three-month Euribor accounted for 31.87% and 25.33%, respectively.
For the 12-month term, the Euribor also decreased, set at 2.211%, a slight drop of 0.001 percentage points from the previous session.
Similarly, the three-month Euribor dropped to 2.005%, a reduction of 0.004 percentage points from Friday.
In October, the average Euribor rate rose across all three terms, with the most significant increase in the 12-month rate.
The October average rose by 0.007 points to 2.034% for three months and 0.005 points to 2.107% for six months.
The 12-month Euribor showed a more noticeable increase of 0.015 points to 2.187% in October.
On October 30, the European Central Bank (ECB) left interest rates unchanged for the third consecutive monetary policy meeting, a move anticipated by the market after eight reductions since the entity began its rate-cutting cycle in June 2024.
ECB President Christine Lagarde, after the October 30 meeting in Florence, stated that the entity is “well-positioned” in terms of monetary policy but noted that this position is not static.
The next ECB monetary policy meeting is scheduled for December 17 and 18 in Frankfurt.
The Euribor rates are set based on the average interest rates at which 19 banks in the eurozone are willing to lend funds to each other in the interbank market.
