The Euribor rate rose today for three- and twelve-month terms, exceeding 2% in the shortest term, while the six-month term rate decreased compared to Wednesday.
Following today’s changes, the three-month rate, which increased to 2.003%, remains below the six-month (2.087%) and twelve-month rates (2.122%).
The six-month Euribor rate, which became the most used in Portugal for variable-rate housing loans as of January 2024, decreased today to 2.087%, down 0.002 points from Wednesday.
Data from the Bank of Portugal (BdP) for June show that the six-month Euribor represented 37.74% of the stock of loans for permanent own housing with variable rates.
The same data indicate that the twelve-month and three-month Euribor represented 32.28% and 25.58%, respectively.
In the twelve-month term, the Euribor rate rose, being set at 2.122%, an increase of 0.004 points.
The three-month Euribor also rose to 2.003%, up 0.019 points from the previous day, after four consecutive sessions below 2%.
In the last monetary policy meeting, held on July 24, the European Central Bank (ECB) maintained the key interest rates, as expected by the markets, after eight cuts since the beginning of this cycle in June 2024.
While some analysts anticipate maintaining the key rates at least until the end of this year, others predict a new cut of 25 basis points in September.
The next ECB monetary policy meeting is scheduled for September 10 and 11 in Frankfurt.
In July, the monthly average of Euribor reversed recent months’ trends and rose slightly for the two shorter terms, but more significantly for the six-month term.
The average Euribor in July rose 0.002 points to 1.986% for three months and 0.005 points to 2.055% for six months.
For twelve months, after stability in June, the Euribor average slightly declined in July, specifically by 0.002 points to 2.079%.
The Euribor rates are determined by the average rate at which a group of 19 eurozone banks is willing to lend money to each other in the interbank market.
