The three-month Euribor rate rose to 2.024% today, remaining below the six-month rate at 2.083% and the 12-month rate at 2.164%.
The six-month Euribor rate, which became the most used for variable-rate mortgages in Portugal from January 2024, decreased today, settling at 2.083%, down by 0.004 points from Tuesday.
Data from the Bank of Portugal for July indicates that the six-month Euribor represented 37.96% of the stock of loans for permanent owner-occupied housing with a variable rate.
The same data shows that the 12-month and three-month Euribor represented 32.09% and 25.51%, respectively.
Similarly, over a 12-month period, the Euribor rate declined, being set at 2.164%, a decrease of 0.001 points.
Conversely, the three-month Euribor increased to 2.024%, up 0.009 points from the previous day.
Last Thursday, the European Central Bank (ECB) maintained, for the second consecutive monetary policy meeting, the key interest rates, as anticipated by the markets following eight reductions since the entity commenced this cycle of cuts in June 2024.
The next ECB monetary policy meeting is scheduled for October 29 and 30 in Florence, Italy.
In August, the monthly averages of the Euribor rose across all three terms, most significantly for the three-month term.
The average of the Euribor in August rose by 0.075 points to 2.021% for three months and by 0.029 points to 2.084% for six months.
In the 12-month term, the Euribor average increased in August by 0.035 points to 2.114%.
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.
