The three-month Euribor rate decreased to 2.142% today, falling below the six-month rate of 2.143% and above the 12-month rate, which is now at 2.045%.
The six-month Euribor rate, which became the most used in Portugal for variable-rate housing loans in January 2024, increased today, reaching 2.143%, an increase of 0.014 points.
Data from the Bank of Portugal (BdP) for February show that the six-month Euribor accounted for 37.52% of the variable-rate mortgage loan stock for permanent housing.
Those statistics also revealed that the 12-month and three-month Euribor rates constituted 32.50% and 25.72%, respectively.
Conversely, the 12-month Euribor rate decreased to 2.045%, 0.004 points lower than on Wednesday.
The three-month Euribor rate, which has been below 2.5% since March 14, also declined today to 2.142%, down by 0.014 points, marking a new low since December 30, 2022.
In April, the monthly averages for all three Euribor durations dropped significantly, with the largest decrease noted in the 12-month term.
The average in April for the three, six, and 12-month Euribor dropped by 0.193 points to 2.249% for three months, by 0.183 points to 2.202% for six months, and by 0.255 points to 2.143% for 12 months.
On April 17, during its most recent monetary policy meeting, the European Central Bank (ECB) reduced the main interest rate by a quarter point to 2.25%.
This reduction, anticipated by the markets, was the seventh since the ECB began this sequence 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 a group of 19 eurozone banks are willing to lend money to each other in the interbank market.
