Euribor rate drops to three, six and 12 months

Com today's changes, the three-month rate, which fell to 2.291%, remained below the rates at six (2.596%) and 12 months (2.764%).

The six-month Euribor rate, which went on in January 2024 to be the most used in Portugal in variable rate housing credits, fell today, being set at 2.596%, less 0.010 points than on Thursday.

Data from Banco de Portugal (BdP) for April indicate that six-month Euribor represented 39.56% 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 31.53% and 24.55%, respectively.

Within 12 months, the Euribor rate today dropped to 2.764 percent, minus 0.021 points than in the previous session.

Euribor at three months also dropped today, being fixed at 2.291%, minus 0.002 points.

On 11 June, as anticipated by the market, the ECB decided at the monetary policy meeting to raise the steering rates for the first time since September 2023, namely by 0.25 percentage points.

At the previous meeting on 30 April, the ECB maintained the principal rates for the seventh consecutive monetary policy meeting, as it had also been anticipated by the market and after eight reductions since the entity started the cycle of cuts in June 2024.

The ECB’s next monetary policy meeting will take place on 22 and 23 July in Frankfurt.

In May, Euribor's monthly average rose again on three terms, but less markedly than in April.

The monthly average of Euribor in May increased by 0.051 points to 2.226 to three months.

At six and 12 months, the mean Euribor increased 0.082 points to 2.536% and 0.057 points to 2.804%, respectively.

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.