The Euribor rate rose on Tuesday to three and 12 months and fell to six months compared to Monday.
The 12-month Euribor, which is currently the most commonly used variable rate home loan in Portugal, rose to 4.068% on Tuesday, up 0.019 points from Monday, after hitting a new high since November 2008.
In six months, the Euribor rate, which entered positive territory on July 7, 2022, fell to 3.938% on Tuesday, minus 0.017 points from Monday, but still below the 3.987% recorded on July 31, the highest since November 2008.
In turn, the three-month Euribor rate rose by 0.004 points, to 3.802%, against a maximum of 3.826% on August 23 this year.
More significantly, the Euribor began to rise from February 4, 2022, after the European Central Bank (ECB) admitted that it could raise key interest rates due to rising inflation in the eurozone, and this trend has intensified with the start of Russian economic growth. invasion of Ukraine on February 24, 2022.
At the latest monetary policy meeting on 27 July, the ECB raised interest rates again, for the ninth consecutive session, by 25 basis points – both on 15 June and 4 May – below the 50 basis point base rate reached on 27 July. March 16, February 2 and December 15, when the pace of growth began to slow down.
Earlier, on October 27 and September 8, key rates rose by 75 basis points. On July 21, 2022, the ECB raised three key interest rates by 50 basis points for the first time in 11 years.
The next ECB monetary policy meeting will take place on 14 September.
Three-, six- and 12-month Euribor rates registered all-time lows respectively: -0.605% on 14 December 2021, -0.554% and -0.518% on 20 December 2021.
Euribor rates are set at the level of the average rate at which a group of 19 eurozone banks are ready to lend to each other in the interbank market.