The latest changes in the Euribor rates have seen the three-month rate rise to 2.143%, surpassing both the six-month rate at 2.131% and the 12-month rate at 2.107%.
In January 2024, the six-month Euribor rate became the most utilized reference for variable rate mortgages in Portugal, experiencing an increase today to 2.131%, which marks a rise of 0.010 points.
According to the Bank of Portugal (BdP) for March, the six-month Euribor constituted 37.65% of the variable-rate mortgage loan stock for permanent housing.
The same data showed that the 12-month and three-month Euribors accounted for 32.39% and 25.67%, respectively.
The 12-month Euribor rate has also increased, setting at 2.107%, which is 0.040 points higher than Monday’s figure.
The three-month Euribor, remaining below 2.5% since March 14, likewise rose, reaching 2.143%, with an increase of 0.004 points.
In April, the monthly averages for Euribor fell significantly across all three terms, with sharper declines than in previous months, particularly in the 12-month term.
The average Euribor rates for April dropped by 0.193 points to 2.249% for the three-month term, 0.183 points to 2.202% for the six-month term, and 0.255 points to 2.143% for the 12-month term.
On April 17, during the last monetary policy meeting, the European Central Bank (ECB) lowered its key interest rate by a quarter of a point to 2.25%.
This reduction, anticipated by the markets, was the seventh since the ECB began this cycle of cuts in June 2024.
The next monetary policy meeting of the ECB is scheduled for June 5 and 6 in Frankfurt.
The Euribor rates are determined by the average interest rates at which a panel of 19 Eurozone banks are willing to lend to one another in the interbank market.
