Euribor rises to three, six and 12 months

The Euribor rate rose this Wednesday to three, six and 12 months from Tuesday, again to levels above 3% across three maturities.

The 12-month Euribor, which is currently the most commonly used variable rate home loan in Portugal, rose this Wednesday to 3.573% plus 0.031 points from the highest since November 2008 of 3.978% confirmed by 9 Martha. .

According to the Bank of Portugal, the 12-month Euribor already accounts for 43% of the “stock” of floating rate permanent home loans, while the six-month Euribor stands at 32%.

After rising to 0.005% on April 12, 2022, positive for the first time since February 5, 2016, 12-month Euribor has been in positive territory since April 21, 2022.

The 12-month average Euribor rose from 3.338% in January to 3.534% in February, plus 0.196 points.

Within six months, the Euribor rate, which went into positive territory on June 6, also rose this Wednesday to 3.290% plus 0.021 points against a high since November 2008 of 3.461%, also confirmed on March 9.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The six-month average Euribor rose from 2.864% in January to 3.135% in February, plus 0.271 points.

In the same sense, the three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, rose this Wednesday to 3.015% plus 0.025 percentage points against a new high since December 2008 of 3.025. % recorded on March 24.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 2.354% in January to 2.640% in February, that is, by 0.286 points.

Euribor began to rise more significantly from February 4, 2022, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of Russia’s invasion of Ukraine on February 24 2022

At its most recent monetary policy meeting on March 16, the ECB raised key interest rates once again by 50 basis points, the same increase as on February 2 and December 15, when it began to slow the pace of increases from the two previously recorded of 75 basis points. points, respectively, on October 27 and September 8.

On July 21, 2022, the ECB raised three key interest rates by 50 basis points for the first time in 11 years.

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 on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.