There were changes today in Euribor rates, with the three-month rate increasing to 1.944%, while remaining below the six-month (2.049%) and 12-month (2.072%) rates.
Monthly averages for Euribor decreased in June across the two shorter terms, though less intensely compared to previous months, whereas the decline was more pronounced for the three-month term.
For the 12-month term, the monthly average remained steady at 2.081%.
The average Euribor in June fell by 0.103 points to 1.984% for three months and by 0.066 points to 2.050% for six months.
The six-month Euribor rate, which became the most commonly used in Portugal for variable rate housing loans as of January 2024, rose today, set at 2.049%, up by 0.013 points since Friday.
Data from the Bank of Portugal (BdP) for April showed that the six-month Euribor accounted for 37.61% of the ‘stock’ of home loans with variable rates.
The same data indicated that the 12-month and three-month Euribors represented 32.46% and 25.60%, respectively.
The 12-month Euribor rate also increased, being set at 2.072%, a rise of 0.010 points from Friday.
Similarly, the three-month Euribor, which has been below 2% since June 24, increased today to 1.944%, up by 0.005 points since Friday.
At the European Central Bank’s (ECB) last monetary policy meeting on June 4 and 5 in Frankfurt, interest rates were reduced by 0.25 basis points, with the main policy rate dropping to 2%.
This was the eighth reduction since the ECB started this cycle of cuts in June 2024, and analysts suggest it may be the last for this year.
The next ECB monetary policy meeting is scheduled for July 23 and 24 in Frankfurt.
Euribor rates are determined by the average rates at which a group of 19 eurozone banks are willing to lend money to each other on the interbank market.
