Euribor rates fell to three months this Friday and rose to six and 12 months to new highs since January 2009.
The six-month Euribor rate, the most commonly used in Portugal for home loans and which reached positive territory on June 6, rose to 2.569% this Friday, up 0.076 points and a new maximum since January 2009.
The six-month Euribor average increased from 1.997% in October to 2.321% in November.
The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022).
Within 12 months, the Euribor also rose today and was set at 2.993%, 0.126 points higher than on Thursday and a new high since January 2009.
After rising to 0.005% on April 12, for the first time positive since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.
The 12-month Euribor average increased from 2.629% in October to 2.828% in November.
On the other hand, the three-month Euribor, which surged on July 14 for the first time since April 2015, fell back today and was set at 2.047% minus 0.015 points and against a new high since February 2009 of 2.081%, verified on 14 December.
The three-month Euribor interest rate was negative between 21 April 2015 and 13 July 2015 (seven years and two months).
The three-month Euribor average rose from 1.428% in October to 1.825% in November.
The Euribor started to rise more sharply since February 4, after the European Central Bank (ECB) admitted that it may raise key interest rates this year due to the rise in inflation in the Eurozone and the trend was reinforced with the start of the Russian invasion of Ukraine on February 24. To curb inflation, the ECB raised the three key interest rates by 75 basis points on 27 October, the third consecutive hike this year, after raising the three key interest rates by 50 basis points on 21 July, the first increase in 11 years and on September 8 by 75 basis points.
The evolution of Euribor interest rates is closely related to increases or decreases in the key ECB interest rates.
The three-, six- and 12-month Euribor rates reached an all-time low, respectively -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.
The Euribor rates are set at the average rate at which a group of 57 banks in the eurozone are willing to lend each other money on the interbank market.
Source: DN
