The three-month Euribor rate dropped to 2.040%, now below the six-month rate of 2.101% and the 12-month rate of 2.096%.
The six-month Euribor, which became the most commonly used rate in Portugal for variable-rate home loans in January 2024, decreased today to 2.101%, down by 0.017 points, reaching a new low since October 28, 2022.
Data from the Bank of Portugal for March shows that the six-month Euribor accounted for 37.65% of the stock of variable-rate permanent home loans.
The same data indicates that the 12-month and three-month Euribor accounted for 32.39% and 25.67%, respectively.
For the 12-month term, the Euribor rate also fell, set at 2.096%, which is 0.008 points lower than on Thursday.
Similarly, the three-month Euribor, under 2.5% since March 14, decreased to 2.040%, down by 0.009 points, reaching a new low since December 9, 2022.
In April, the average monthly Euribor rates dropped significantly across all three terms, more intensely than in previous months, especially for the 12-month term.
The average for the three-month, six-month, and 12-month Euribor in April fell by 0.193 points to 2.249%, 0.183 points to 2.202%, and 0.255 points to 2.143%, respectively.
On April 17, during the latest monetary policy meeting, the European Central Bank (ECB) reduced the main interest rate by a quarter of a point to 2.25%.
This decline, anticipated by markets, marks the seventh since the ECB started this cycle of cuts in June 2024.
The next ECB monetary policy meeting is scheduled for June 5 and 6 in Frankfurt.
The Euribor rates are determined by the average rates at which 19 banks in the eurozone are willing to lend money to each other in the interbank market.
