The three-month Euribor rate decreased to 2.127%, falling below both the six-month and 12-month rates, which were set at 2.161% each.
The six-month Euribor rate, becoming the most common reference in Portugal for variable-rate mortgages since January 2024, increased slightly by 0.005 percentage points to 2.161%.
According to data from the Bank of Portugal for March, the six-month Euribor constituted 37.65% of outstanding variable-rate mortgages for primary residences.
The same data showed that the 12-month and three-month Euribor accounted for 32.39% and 25.67%, respectively.
Similarly, the 12-month Euribor rate also rose to 2.161%, marking a marginal increase of 0.001 percentage points compared to Wednesday.
Conversely, the three-month Euribor, which has remained below 2.5% since March 14, declined to 2.127%, a decrease of 0.015 percentage points.
In April, the average monthly Euribor rates fell significantly across all terms compared to previous months, with the most pronounced decline in the 12-month term.
The average Euribor rates for three, six, and 12 months in April decreased by 0.193 percentages 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) cut its main interest rate by a quarter point to 2.25%.
This reduction, anticipated by the markets, was the seventh since the ECB started this series of rate cuts in June 2024.
The ECB’s next monetary policy meeting is scheduled for June 5-6 in Frankfurt.
The Euribor rates are determined by the average interest rates at which a panel of 19 eurozone banks is willing to lend to each other on the interbank market.
