The Euribor rate fell this Thursday to three, six and 12 months from Wednesday, the two longest minimum terms since June and March last year respectively.
With Thursday’s changes, the three-month Euribor rate, which fell to 3.884%, was higher than the six-month rate (3.832%) and the 12-month rate (3.505%).
The 12-month Euribor rate, which is currently the most commonly used rate in Portugal for home loans with variable rates and which stood at more than 4% between June 16 and November 28, fell this Thursday to 3.505%, the lowest since March 2023 and down 0.067 points from Wednesday after rising to 4.228% on September 29, a new high since November 2008.
According to Bank of Portugal (BdP) data as of November 2023, the 12-month Euribor represented 37.4% of the volume of permanent homeownership loans with floating rates. The same data shows that the six- and three-month Euribor rates were 36.1% and 23.9% respectively.
The six-month Euribor rate, which was above 4% between September 14 and December 1, also fell this Thursday to 3.832%, the lowest since June 2023 and 0.003 points less than the previous session, against the highest since November 2008 of the year. , 4.143%, recorded October 18.
In the same sense, the three-month Euribor rate fell this Thursday compared to the previous session, settling at 3.884%, minus 0.021 points, and after rising on October 19 to 4.002%, a new high since November 2008.
The average Euribor rate fell again in January across all three maturities, but less sharply than in December.
The average Euribor index in January fell 0.010 points to 3.925% in three months (compared to 3.935% in January), by 0.035 points to 3.892% in six months (compared to 3.927%) and by 0.070 points to 3.609% in 12 months (compared to 3,679). %).
In December, the Euribor average fell 0.037 points to 3.935% in three months (compared to 3.972% in November), 0.138 points to 3.927% in six months (compared to 4.065%) and 0.343 points to 3.679% in 12 months (compared to 4.022%).
At its latest monetary policy meeting on January 25, the European Central Bank (ECB) maintained its benchmark interest rates for the third time in a row, following ten hikes since July 21, 2022.
More significantly, the 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.
Author: Lusa
Source: CM Jornal
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