Following today’s changes, the three-month Euribor rate increased to 1.959%, remaining below the six-month rate at 2.036% and the 12-month rate at 2.041%.
The six-month Euribor rate, which became the most commonly used in Portugal for variable-rate housing loans in January 2024, decreased today, settling at 2.036%, down by 0.010 points.
Data from the Bank of Portugal (BdP) for April show that the six-month Euribor accounted for 37.61% of the stock of loans for owner-occupied housing with a variable rate.
The same data indicates that the 12-month and three-month Euribor represented 32.46% and 25.60%, respectively.
Over a 12-month period, the Euribor rate also declined, being set at 2.041%, down by 0.003 points from Thursday.
Conversely, the three-month Euribor, which has been below 2% since May 30, reversed the trend of the last 10 sessions today and rose to 1.959%, an increase of 0.005 points.
In May, the monthly averages of the Euribor declined again across all three terms, with a steeper drop in the shortest term (three months) compared to previous months.
The average Euribor in May decreased by 0.150 points to 2.099% for three months, 0.082 points to 2.120% for six months, and 0.062 points to 2.091% for 12 months.
The European Central Bank (ECB) met on Thursday in Frankfurt, Germany, and reduced interest rates by 0.25 basis points, bringing the main policy rate down to 2%.
This reduction marked the eighth since the ECB began this cycle of cuts in June 2024, and according to analysts, it is expected to be the last this year.
The ECB’s next monetary policy meeting is scheduled for July 23 and 24 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.
