Euribor rates rise again to 6 and 12 months for new maximums

With today's changes, the three-month rate, which fell to 2.661%, remained below the rates at six (2.973%) and 12 months (3.374%).

The six-month Euribor rate, which went on in January 2024 to be the most used in Portugal in variable rate housing credits, rose today, being set at 2.973%, plus 0.027 points than on Tuesday and a new maximum since October 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 moved back today to 3,374%, plus 0,048 points and a new maximum since July 2024.

On the contrary, the three-month Euribor fell today, being fixed at 2.661 %, minus 0.021 points than on Tuesday.

Last Thursday, as expected by the markets, the European Central Bank (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 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.

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.