The Euribor rates decreased today for three, six, and twelve months while remaining above 2% across all three terms.
Following today’s adjustments, the three-month rate, which declined to 2.034%, stays below the six-month (2.035%) and twelve-month (2.101%) rates.
The six-month Euribor, which became the most common benchmark in Portugal for variable-rate housing loans as of January 2024, fell today to 2.035%, a decrease of 0.015 points.
Data from the Bank of Portugal (BdP) for April shows that the six-month Euribor accounted for 37.61% of the stock of loans for permanent owner-occupied housing with a variable rate.
The same data indicated that the twelve and three-month Euribor rates represented 32.46% and 25.60%, respectively.
The twelve-month Euribor rate also decreased, being set at 2.101%, 0.008 points lower than on Thursday.
The three-month Euribor rate, which had been below 2% between May 30 and June 12, also fell today to 2.034%, a decrease of 0.002 points.
In May, the average monthly Euribor rates dropped again across all three terms, less intensely than in previous months and more markedly in the shortest term (three months).
The average Euribor in May decreased by 0.162 points to 2.087% for three months, 0.086 points to 2.116% for six months, and 0.062 points to 2.081% for twelve months.
At the last monetary policy meeting on June 4 and 5 in Frankfurt, the European Central Bank (ECB) reduced interest rates by 0.25 basis points, lowering the main refinancing rate to 2%.
This reduction was the eighth since the ECB initiated this cycle of cuts in June 2024, and according to analysts, it 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 set by averaging the rates at which a panel of 19 euro area banks are willing to lend to each other in the interbank market.
