The three-month Euribor rate increased to 2.026%, remaining below the six-month and 12-month rates, which stood at 2.083% and 2.116% respectively.
The six-month Euribor, which became the most common rate for variable-rate home loans in Portugal as of January 2024, decreased to 2.083%, down 0.018 points from Monday.
According to data from the Bank of Portugal for May, the six-month Euribor accounted for 37.75% of the stock of loans for permanent home ownership at a variable rate.
The same data indicated that 12-month and three-month Euribor rates accounted for 32.32% and 25.57%, respectively.
The 12-month Euribor rate also decreased, settling at 2.116%, a reduction of 0.015 points.
Conversely, the three-month Euribor rose to 2.026%, an increase of 0.010 points from the previous session, marking the second consecutive session above 2% after six sessions below this threshold.
Last Thursday, the European Central Bank (ECB) maintained the key interest rates as expected by the markets after eight consecutive cuts since the entity began this cycle of reductions in June 2024.
While some analysts predict the maintenance of the key interest rates at least until the end of the year, others foresee a new cut of 25 basis points in September.
The next ECB monetary policy meeting is scheduled for September 10-11 in Frankfurt.
In June, the monthly averages of the Euribor decreased again for the two shorter terms, but less intensely compared to previous months, and more notably over three months.
The 12-month Euribor’s monthly average remained at 2.081%.
The three-month Euribor average in June fell by 0.103 points to 1.984%, while the six-month average decreased by 0.066 points to 2.050%.
The Euribor rates are determined by the average rates at which a group of 19 eurozone banks are willing to lend to each other in the interbank market.
