The Euribor rate for three months has risen to 2.150%, surpassing both the six-month rate, which now stands at 2.146%, and the 12-month rate, recorded at 2.039%.
The six-month Euribor rate, which became Portugal’s most commonly used rate for variable-rate mortgages in January 2024, saw a minor increase today to 2.146%, an uptick of 0.001 points.
Data from the Bank of Portugal (BdP) from March shows that the six-month Euribor represented 37.65% of the stock of home loans for primary residences with variable rates.
The statistics further reveal that the 12-month and three-month Euribor accounted for 32.39% and 25.67%, respectively.
In contrast, the Euribor rate over a 12-month period decreased slightly to 2.039%, a reduction of 0.006 points compared to Tuesday.
Meanwhile, the three-month Euribor, which has been below 2.5% since March 14, experienced an increase, reaching 2.150%, climbing by 0.007 points today.
In April, the monthly averages for Euribor rates saw significant declines across all three terms, especially more pronounced than in the preceding months, with the longest term (12 months) seeing the most considerable drop.
The average rate for three, six, and 12 months in April decreased by 0.193 points to 2.249% for three months, 0.183 points to 2.202% for six months, and 0.255 points to 2.143% for 12 months.
On April 17, during its latest monetary policy meeting, the European Central Bank (ECB) lowered the main interest rate by a quarter-point to 2.25%.
The reduction, widely anticipated by financial markets, marked the seventh rate cut since the ECB embarked on this easing cycle in June 2024.
The ECB is set to hold its next monetary policy meeting on June 5 and 6 in Frankfurt.
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.
