The Euribor rates saw adjustments today, with the three-month rate falling to 2.017%, still below the six-month (2.085%) and 12-month (2.116%) rates.
In January 2024, the six-month Euribor became the most commonly used benchmark in Portugal for variable-rate housing loans, and today it has dropped slightly to 2.085%, experiencing an increase of 0.002 points from Tuesday.
According to the Bank of Portugal, as of May, the six-month Euribor accounted for 37.75% of the total stock of variable-rate loans for permanent housing.
Meanwhile, the 12-month and three-month Euribor represented 32.32% and 25.57% respectively.
In the 12-month term, the Euribor rate remained constant at 2.116%.
The three-month Euribor decreased today to 2.017%, down 0.009 points from the previous session, marking its third consecutive session above 2% after six sessions below that threshold.
Last Thursday, the European Central Bank (ECB) maintained its key interest rates, as expected by markets, following eight consecutive cuts since initiating this cycle of reductions in June 2024.
While some analysts predict that the ECB will maintain its key rates at least through the end of the year, others forecast a 25-basis point cut in September.
The ECB’s next monetary policy meeting is scheduled for September 10 and 11 in Frankfurt.
The monthly averages of Euribor decreased again in June for the two shorter terms, at a slower pace than in previous months, with a sharper decrease in the three-month term.
For the 12-month term, the monthly average of the Euribor remained at 2.081%.
The average for the three-month Euribor fell by 0.103 points to 1.984%, and the six-month average dropped by 0.066 points to 2.050% in June.
Euribor rates are determined by the average rates at which 19 eurozone banks are willing to lend money to each other in the interbank market.
