The Euribor rate fell this Thursday to three, six and 12 months compared to Wednesday, while the March average remained in the short term, falling to six months and rising to 12.
Following Thursday’s changes, the three-month Euribor rate, which fell to 3.892%, remained above the six-month rate (3.851%) and the 12-month rate (3.669%).
Relative to the Euribor average in March, it remained at 3.923% for three months, fell 0.006 points to 3.895% in six months (compared to 3.901% in February) and rose 0.047 points to 3.718% in 12 months ( compared to 3.671%).
The six-month Euribor rate, which has become the most used rate in Portugal for home loans with variable rates and which exceeded 4% between September 14 and December 1, fell this Thursday to 3.851%, minus 0.011 points from Wednesday, after increasing on October 18 to 4.143%, a new high since November 2008.
According to Bank of Portugal (BdP) data for January, the six-month Euribor rate accounted for 36.4% of total floating-rate permanent homeownership loans. The same data shows that the 12-month and three-month Euribor rates were 35.7% and 24.4% respectively.
The 12-month Euribor rate, which was above 4% between June 16 and November 29, also fell this Thursday to 3.669%, down 0.015 points from the previous session, against the high since November 2008, 4.228%. registered in the last session. September 29.
In the same vein, the three-month Euribor rate fell, settling at 3.892%, minus 0.016 points, after rising to 4.002% on October 19, a new high since November 2008.
At its most recent monetary policy meeting on March 7, the European Central Bank (ECB) maintained benchmark interest rates for the fourth meeting in a row, following 10 hikes since July 21, 2022.
The next ECB monetary policy meeting will take place on April 11 in Frankfurt.
More significantly, Euribor began to rise on February 4, 2022, after the ECB acknowledged that it might raise key interest rates due to rising inflation in the eurozone, a trend that accelerated with the start of Russia’s invasion of Ukraine in February. 24, 2022.
Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.
Euribor is set as the average rate at which a group of 19 eurozone banks are willing to lend to each other in the interbank market.