The Euribor rose this Wednesday to three and twelve months, the longest period to a new high since December 2008, and fell to six months.
The 12-month Euribor rate, which is currently the most commonly used variable rate home loan in Portugal, rose on Wednesday to 3.625% plus 0.047 points, a new high since December 2008.
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 increased from 3.018% in December to 3.338% in January, plus 0.320 points.
On the other hand, within six months, the Euribor rate, which entered positive territory on June 6, fell this Wednesday to 3.197%, down 0.028 points from the day before against a new high since December 2008 of 3.225%. checked on February 21st.
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 2.560% in December to 2.864% in January, plus 0.304 points.
The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, rose this Wednesday to 2.683% plus 0.001 points after climbing to 2.703% on July 16, a new high since January 2009.
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 2.063% in December to 2.354% in January, that is, by 0.291 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 February 2, the ECB once again raised key interest rates by 50 basis points, the same increase as on December 15, when it began to slow the rate of increase from the previous two. which amounted to 75 basis points on October 27 and September 8, respectively.
On July 21, 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.
Author: Portuguese
Source: CM Jornal
I’m Sandra Hansen, a news website Author and Reporter for 24 News Reporters. I have over 7 years of experience in the journalism field, with an extensive background in politics and political science. My passion is to tell stories that are important to people around the globe and to engage readers with compelling content.