The Euribor rate rose this Monday to three months and fell to six and 12 months compared to Friday and remained below 4% for three terms for the first time since September 14.
With Monday’s changes, the three-month Euribor rate, which rose to 3.962%, was higher than the six-month Euribor rate (3.945%) and the 12-month Euribor rate (3.794%).
In November, the monthly average rose slightly in the short term and fell in the two longer terms, with the market indicating that it believed the maximum peak of Euribor had already been reached.
The average Euribor index in November rose by 0.004 points to 3.972% in three months (compared to 3.968% in October), fell by 0.050 points to 4.065% in six months (compared to 4.115%) and by 0.138 points to 4.022% in 12 months (up from up to 4,160%).
The 12-month Euribor rate, which is currently the most commonly used rate in Portugal for variable rate home loans and which stood at more than 4% between June 16 and November 28, fell this Monday to 3.794, 0.108 points less than on Friday, after rising on September 29. to 4.228%, a new high since November 2008.
After falling in August, the 12-month average Euribor rate fell in November for the second time in the current hike cycle.
According to Banco de Portugal data for September 2023, the 12-month Euribor represented 38.1% of total floating rate homeownership loans. The same data shows that the six- and three-month Euribor rates were 35.7% and 23.4% respectively.
In the same sense, the six-month Euribor rate, which was above 4% between September 14 and December 1, fell this Monday to 3.945%, 0.059 points less than the previous session and against the highest since November 2008 , 4.143%. , recorded October 18.
The fall in the six-month Euribor average in November was the first monthly fall in the current upward cycle.
In the opposite direction, the three-month Euribor rate rose this Monday compared to the previous session, settling at 3.962%, plus 0.002 points, after rising on October 19 to 4.002%, a new high since November 2008.
Euribor began to rise more significantly on February 4, 2022, after the European Central Bank (ECB) admitted 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. February 24, 2022
At its latest monetary policy meeting, held on October 26 in Athens, the ECB kept its benchmark interest rates for the first time since July 21, 2022, after 10 consecutive hikes.
The next ECB monetary policy meeting, which will be the last this year, will take place on December 14.
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.
Author: Lusa
Source: CM Jornal
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