As of today’s changes, the three-month rate, which dropped to 1.980%, remained below the six-month (2.037%) and 12-month rates (2.073%).
The six-month Euribor rate, which became the most used in Portugal for variable-rate mortgage loans in January 2024, increased today, being set at 2.037%, an increase of 0.001 points.
Data from the Bank of Portugal (BdP) for April indicates that the six-month Euribor accounted for 37.61% of the outstanding stock of loans for permanent household housing with a variable rate.
The same data indicates that the 12-month and three-month Euribor accounted for 32.46% and 25.60%, respectively.
In the 12-month term, the Euribor rate decreased, being set at 2.073%, 0.011 points less than on Wednesday.
Similarly, the three-month Euribor, which was below 2% between May 30 and June 12, dropped today to 1.980%, 0.013 points less than on Wednesday and below 2% for the third consecutive session.
In May, the monthly averages of the Euribor fell again in all three terms, less intensely than in previous months and more strongly in the shortest term (three months).
The average Euribor in May fell 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 12 months.
At the last monetary policy meeting on June 4 and 5 in Frankfurt, the European Central Bank (ECB) lowered interest rates by 0.25 basis points, with the main benchmark rate dropping to 2%.
This reduction was the eighth since the ECB began this cycle of cuts in June 2024 and, according to analysts, is expected to be the last of this year.
The next ECB monetary policy meeting is scheduled for July 23 and 24 in Frankfurt.
The Euribor rates are set by the average of the rates at which a group of 19 eurozone banks is willing to lend money to each other on the interbank market.
