A the three-month Euribor rate increased to 2.088%, up from Monday’s 2.069%, yet it remained lower than the six-month (2.168%) and 12-month (2.268%) rates.
The six-month Euribor rate, most commonly used in Portugal for variable rate home loans, rose today, settling at 2.168%, higher than Monday’s 2.150%.
Over 12 months, the Euribor rate climbed to 2.268%, compared to the previous rate of 2.246%.
In the case of the shortest term, this marked the highest value since May, while the six and 12-month terms saw the highest daily figures since April.
Euribor rates are set by the average rates at which a group of 19 Eurozone banks are willing to lend money to each other in the interbank market, and their progression is linked to the European Central Bank (ECB)’s key rates.
In Portugal, the 12-month Euribor, the most used rate until April for nearly two years, accounted for 35.6% of the amount of new variable rate operations in October, while the three-month Euribor increased to 5.7%. Six-month Euribor operations represented more than half (55.6%).
In terms of the total stock of housing loans, the six-month Euribor represented 38.5%, the 12-month 31.8%, and the three-month 25.2%.
The upcoming ECB monetary policy meeting will be held on December 17 and 18 in Frankfurt.
On October 30, the ECB maintained its key rates for the third consecutive monetary policy meeting, as anticipated by the market, following eight cuts since the entity began this cycle of reductions in June 2024.
