In today’s developments, the three-month Euribor rate decreased to 2.355%, placing it below the six-month rate at 2.379%, but above the twelve-month rate at 2.349%.
The six-month Euribor rate, which in January 2024 became the most widely used rate for variable mortgage loans in Portugal, rose today, reaching 2.379%, an increase of 0.004 points.
Bank of Portugal (BdP) data for January indicates that the six-month Euribor represented 37.75% of the stock of variable rate home loans. The same data shows that the twelve-month and three-month Euribor represented 32.52% and 25.57%, respectively.
Over the twelve-month period, the Euribor rate also advanced to 2.349%, up by 0.003 points.
Conversely, the three-month Euribor, remaining below 2.5% since March 14, declined today, setting at 2.355%, a decrease of 0.014 points and marking a new low since January 18, 2023.
The three-month Euribor is part of the calculation for the base rate of Savings Certificates, determined monthly on the penultimate business day of each month for the following month, which cannot exceed 2.50% or fall below 0%.
The gross interest rate for new subscriptions to Series F Savings Certificates was set again at 2.500% in March 2025.
On a monthly basis, the average three and six-month Euribor rates fell in February.
The twelve-month Euribor, which had risen in January for the first time after nine months of decline, also decreased in February.
Thus, the average for the three, six, and twelve-month Euribor in February decreased by 0.177 points to 2.525% for three months, 0.154 points to 2.460% for six months, and 0.118 points to 2.407% for twelve months.
As anticipated by the markets, the ECB decided in March to cut the key interest rates for the fifth consecutive time in six months, by a quarter-point to 2.5%.
ECB President Christine Lagarde hinted that the institution is prepared to halt further interest rate cuts in April.
The next ECB monetary policy meeting will be held on April 16 and 17 in Frankfurt.
The Euribor rates are established by the average interest rates at which a group of 19 Eurozone banks are willing to lend money to each other in the interbank market.
