In April, the Euribor rates decreased on a monthly basis across three, six, and 12-month terms, with a more pronounced decline for the longer 12-month term.
Following today’s changes, the three-month rate dropped to 2.156%, surpassing the six-month rate at 2.129% and the 12-month rate at 2.049%.
The six-month Euribor rate, which became the most commonly used in Portugal for variable-rate housing loans as of January 2024, decreased today to 2.129%, down by 0.002 points.
According to data from the Bank of Portugal for February, the six-month Euribor constituted 37.52% of the stock of loans for permanent residential housing with a variable rate.
The same data revealed that the 12-month and three-month Euribor rates represented 32.50% and 25.72%, respectively.
The 12-month Euribor rate also declined, settling at 2.049%, which is 0.027 points lower than on Tuesday.
Similarly, the three-month Euribor, which has remained below 2.5% since March 14, decreased today to 2.156%, a drop of 0.020 points and marking a new low since December 30, 2022.
The average rates for April showed a decrease of 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 its last monetary policy meeting, the European Central Bank (ECB) lowered the benchmark rate by a quarter of a point to 2.25%.
This reduction, anticipated by the markets, was the seventh since the ECB commenced this series of cuts in June 2024.
The ECB’s next monetary policy meeting is scheduled for June 5 and 6 in Frankfurt.
The Euribor rates are calculated based on the average rates at which a group of 19 eurozone banks are willing to lend money to each other in the interbank market.
