The three-month Euribor rate has risen to 2.301%, surpassing the six-month rate at 2.231% and the 12-month rate at 2.156% following today’s adjustments.
The six-month Euribor rate, which became the most commonly used rate for variable-rate residential mortgages in Portugal as of January 2024, increased to 2.231%, marking a rise of 0.038 points.
Data from the Bank of Portugal (BdP) for February shows that the six-month Euribor accounted for 37.52% of the outstanding loans for permanent residential housing with variable rates. The same data indicates that the 12-month and three-month Euribor rates represented 32.50% and 25.72%, respectively.
The 12-month Euribor also saw an increase, reaching 2.156%, which is 0.049 points higher.
Similarly, the three-month Euribor, which has been below 2.5% since March 14, rose today to 2.301%, increasing by 0.008 points.
On a monthly basis, March saw a slight decrease in the average Euribor rates at three, six, and 12 months, albeit at a slower rate compared to previous months.
The average Euribor for March decreased by 0.083 points to 2.442% for three months, by 0.075 points to 2.385% for six months, and by 0.009 points to 2.398% for 12 months.
As anticipated by the markets, the European Central Bank (ECB) decided in March to cut key interest rates for the fifth consecutive time in six months, reducing them by a quarter of a point to 2.5%.
The ECB President, Christine Lagarde, suggested that the institution might pause the rate cuts in April.
The next ECB monetary policy meeting is scheduled for April 16 and 17 in Frankfurt.
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 on the interbank market.
