Euribor rises to six and 12 months for new peaks since the summer of 2024

With today's changes, the three-month rate, which fell to 2.607%, remained below six rates (3.070 %) and 12 months (3.379%).

The six-month Euribor rate, which passed in January 2024 to be the most used in Portugal for variable rate housing credits, has now advanced by being fixed at 3.070%, plus 0.052 points than on Thursday and a new maximum since September 2024.

Data from Banco de Portugal (BdP) for July indicate that six-month Euribor represented 39.87% of the ‘stock’ of loans for permanent own housing with variable rate.

The same data indicate that the 12-month and 3-month Euribors represented 31.26% and 24.40%), respectively.

Within 12 months, the Euribor rate has also increased today, to 3.379%, plus 0.071 points and a new maximum since July 2024.

On the contrary, three-month-old Euribor gave in today, by being set at 2.607%, less 0.007 points than the day before.

On 10 September, as expected by the markets, the European Central Bank (ECB) raised the lead rates by 25 basis points after maintaining them in July.

In June, the ECB had for the first time since September 2023, the principal rates, namely 25 basis points, after maintaining them in April, by the seventh consecutive meeting and eight reductions since the entity started the cycle of cuts in June 2024.

The ECB’s next monetary policy meeting will take place on 28 and 29 October in Frankfurt.

In August, Euribor's monthly average rose again to three, six and 12 months, but with greater intensity than in July and more markedly in the longer term.

The monthly average of Euribor in August increased 0.088 points to 2.513% to three months and 0.066 percentage points to 2.713 to six months.

At 12 months, after being lowered in June, the monthly average of Euribor increased 0.099 points to 2.954%.

Euribors are set by the average rates at which a set of 21 euro area banks are willing to lend money to each other in the interbank market.

MC // JNM

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