Euribor rises at all times: What's going on?

A euribor rate rose today to three, to six and to 12 months compared to Wednesday.

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 3.023 %, plus 0.013 percentage points than on Wednesday.

Data from Banco de Portugal (BdP) for September indicate that six-month Euribor represented 40.25% 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 30.96% and 24.24%, respectively.

Similarly, within 12 months, the Euribor rate has now risen to 3.293%, plus 0.071 points than on the eve.

Euribor at three months also advanced today, being fixed at 2.766%, plus 0.012 points.

Euribor ended October with the monthly average unchanged in the shortest time, advancing in the middle and descending in the longest.

The monthly average of Euribor in October remained at 2.635 to three months and increased by 0.053 points to 2.975 to six months.

On the other hand, the average of the 12-month Euribor decreased by 0.008 points to 3.239% in October.

As expected, the European Central Bank (ECB) maintained the principal rates on 28 October, and, according to the market, postponed its increase to this year’s latest monetary policy meeting in Frankfurt on 16 and 17 December.

On 10 September, the ECB raised the steering fees by 25 basis points after maintaining them in July.

In June, for the first time since September 2023, the ECB had raised 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.

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.