The Euribor rate rose this Monday to three and six months and fell to 12 months compared to Friday.
Taking into account the changes that took place on Monday, the 12-month Euribor rate was lower than the six-month rate.
The 12-month Euribor rate, currently the most commonly used rate in Portugal for variable-rate home loans, fell this Monday to 4.078%, down 0.026 points from Friday, after rising on September 29 to 4.228%, a new high since November 2008.
According to Banco de Portugal data for August 2023, the 12-month Euribor represented 38.7% of the volume of permanent homeownership loans at variable rates. The same data shows that the six- and three-month Euribor rates were 35.4% and 23.2% respectively.
For six months, the Euribor rate, which entered the positive zone on June 6, 2022, rose this Monday to 4.109%, which is 0.007 points more than in the previous session and against the maximum since November 2008 of 4.143%, recorded on October 18. .
In the case of the three-month Euribor, it also rose on Monday compared to the previous session, settling at 3.968%, plus 0.020 points, after rising to 4.002% on October 19, 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 on Thursday in Athens, the ECB kept 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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