Euribor rises to a new three-month high since November 2008

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The Euribor rate rose today to three and 12 months, in the shortest term to a new high since November 2008, and fell to six months.

The 12-month Euribor rate, which is currently the most used in Portugal in variable-rate housing loans, advanced today to 4.065%, up 0.010 points, after rising to 4.193% on July 7, a new high since November 2008.

According to data for May 2023 from Banco de Portugal, the 12-month Euribor accounted for 40.3% of the ‘stock’ of permanent housing loans with a variable rate. The same data indicate that the six-month and three-month Euribor accounted for 34.4% and 22.8%, respectively.

The average 12-month Euribor rate rose from 4.007% in June to 4.149% in July, up 0.142 points.

On the other hand, the Euribor rate for the six-month maturity, which entered positive territory on July 7, 2022, fell today to 3.921%, 0.028 points lower than on Monday and against the maximum since November 2008, of 3.972%, verified on July 21.

The average six-month Euribor rose from 3.825% in June to 3.942% in July, up 0.117 points.

The three-month Euribor advanced today to 3.765%, up 0.011 points and a new high since November 2008 .

The average three-month Euribor rose from 3.536% in June to 3.672% in July, an increase of 0.136 percentage points .

Euribor started to rise more significantly from February 4, 2022, after the European Central Bank (ECB) admitted that it might raise key interest rates due to rising inflation in the eurozone and the trend was reinforced by the start of Russia’s invasion of Ukraine on February 24, 2022.

At its most recent policy meeting on July 27, the ECB raised interest rates again for the ninth consecutive session by 25 basis points – as it did on June 15 and May 4 – down from 50 basis points on March 16, February 2 and December 15, when it began to slow the pace of hikes.

Earlier, on October 27 and September 8, the key rates were raised by 75 basis points. On July 21, 2022, the ECB raised all three key interest rates by 50 basis points for the first time in 11 years.

The ECB’s next monetary policy meeting takes place on September 14 .

The three-, six- and 12-month Euribor rates recorded all-time lows of -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021, respectively.

Euribor is set by averaging the rates at which a group of 57 euro-area banks are willing to lend money to each other on the interbank market.

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