The three-month Euribor rate dropped to 2.082%, compared to Tuesday’s 2.088%, and remained below the six-month (2.165%) and 12-month (2.284%) rates.
The six-month Euribor rate, the most utilized in Portugal for variable rate housing loans, decreased today, settling at 2.165%, down from 2.168% on Tuesday.
Contrarily, the 12-month Euribor rate rose to 2.284%, from the previous 2.268%.
Euribor rates are determined by the average interest rates at which a consortium of 19 eurozone banks is willing to lend money to each other in the interbank market, and their development is influenced by the European Central Bank’s (ECB) key rates.
In Portugal, the 12-month Euribor, which was the most used until April for nearly two years, accounted for 35.6% of the value of new variable rate operations in October, while the three-month Euribor increased to 5.7%. Operations with a six-month Euribor made up more than half (55.6%).
Regarding the total stock of housing loans, the six-month Euribor represented 38.5%, the 12-month Euribor 31.8%, and the three-month 25.2%.
The next ECB monetary policy meeting is scheduled for December 17-18, in Frankfurt, Germany.
On October 30, the ECB kept the key rates unchanged for the third consecutive monetary policy meeting, as was anticipated by the market, after eight rate cuts since the entity began this cycle of reductions in June 2024.
