Today’s adjustments saw the three-month Euribor rate climb to 2.362%, surpassing both the six-month rate of 2.275% and the 12-month rate of 2.210%.
The six-month Euribor rate, which became the most widely used rate for variable mortgage credits in Portugal as of January 2024, rose today to 2.275%, an increase of 0.016 percentage points.
Data from the Bank of Portugal (BdP) for February showed that the six-month Euribor accounted for 37.52% of residential mortgage loans with a variable rate. The same data indicated that the 12-month and the three-month Euribor represented 32.50% and 25.72%, respectively.
For the 12-month period, the Euribor rate decreased to 2.210%, down 0.025 percentage points, marking a new low since September 14, 2022.
Conversely, the three-month Euribor, which has remained below 2.5% since March 14, rose today to 2.362%, an increase of 0.039 percentage points.
On a monthly basis, the Euribor average in March once again fell over three, six, and 12 months, albeit less sharply than in previous months.
In March, the average Euribor decreased by 0.083 percentage points to 2.442% over three months, 0.075 points to 2.385% over six months, and 0.009 points to 2.398% over 12 months.
As anticipated by the markets, the European Central Bank (ECB) decided in March to cut the key interest rates for the fifth consecutive time in six months, bringing them down by a quarter of a point to 2.5%.
ECB President Christine Lagarde suggested that the institution is prepared to halt interest rate cuts in April.
The next ECB monetary policy meeting is scheduled for April 16 and 17 in Frankfurt.
The Euribor rates are determined by the average rates at which a group of 19 eurozone banks is willing to lend money to each other on the interbank market.
