Three-month Euribor rises to new high since 2008

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

The 12-month Euribor rate, which is currently the most used in Portugal on variable rate mortgages, advanced today, when it was set at 3.799%, up 0.004 points against the maximum since November 2008, of 3.978%, which occurred on March 9th.

According to the Bank of Portugal, the 12-month Euribor already represents 43% of the ‘stock’ of loans for permanent owner-occupied housing with a variable rate, while the six-month Euribor represents 32%.

The average 12-month Euribor rate advanced from 3.647% in March to 3.757% in April, up 0.110 points.

In the six-month term, the Euribor rate, which entered positive territory on June 6, 2022, rose today, to 3.638%, up 0.009 points and against the maximum since November 2008, of 3.651%, verified on May 4.

The average six-month Euribor rose from 3.267% in March to 3.516% in April, up 0.249 points.

In the same vein, the three-month Euribor, which entered positive territory on July 14 for the first time since April 2015, advanced today to 3.348%, up 0.025 points and a new high since November 2008.

The average three-month Euribor rose from 2.911% in March to 3.179% in April, an increase of 0.268 percentage points .

Euribor rates began to rise more significantly from February 04, 2022, after the European Central Bank (ECB) admitted it might raise key interest rates due to rising inflation in the Eurozone and the trend was reinforced with the start of Russia’s invasion of Ukraine on February 24, 2022.

At the most recent monetary policy meeting, on May 4, the ECB raised its key interest rates again for the seventh consecutive time, but only by 25 basis points, a lower increase than on March 16, February 2 and December 15, when it started to slow down the pace of increases compared to the two previous ones, which were 75 basis points, on October 27 and September 8, respectively.

On July 21, 2022, the ECB raised the three key interest rates by 50 basis points for the first time in 11 years.

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

Euribor is set by the average of the rates at which a group of 57 banks in the euro zone are willing to lend money to each other in the interbank market.

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