The three-month Euribor rate advanced to 2.026%, remaining below the six-month and 12-month rates, which were fixed at 2.072% and 2.089%, respectively.
Introduced as the most common benchmark in Portugal for variable-rate home loans in January 2024, the six-month Euribor rate climbed to 2.072%, an increase of 0.002 points from Thursday.
According to May data from the Banco de Portugal (BdP), the six-month Euribor accounted for 37.75% of the outstanding stock of variable-rate home loans for permanent residence.
The same data showed that the 12-month and three-month Euribor rates represented 32.32% and 25.57%, respectively.
The 12-month Euribor rate remained steady, maintaining its rate of 2.089%.
The three-month Euribor rate increased today to 2.026%, up by 0.025 points from the previous session.
The monthly Euribor averages experienced a less pronounced decline in June for the shorter terms, with a more significant reduction noted in the three-month term.
The 12-month Euribor monthly average remained at 2.081%.
In June, the three-month Euribor average decreased by 0.103 points to 1.984%, and the six-month average fell by 0.066 points to 2.050%.
During the European Central Bank’s (ECB) latest monetary policy meeting on June 4th and 5th in Frankfurt, interest rates were lowered by 0.25 basis points, bringing the main policy rate down to 2%.
This reduction marked the eighth decrease since the ECB initiated this series of cuts in June 2024, and analysts expect it to be the last for this year.
The ECB’s next monetary policy meeting is scheduled for July 23rd and 24th in Frankfurt.
Euribor rates are determined by the average interest rates at which a group of 19 eurozone banks are willing to lend money to each other on the interbank market.
