Euribor rates rose this Monday at three and six months to new highs since January 2009 and remained at their highest level in 12 years since December 2008.
The six-month Euribor rate, the most commonly used in Portugal for home loans and which reached positive territory on June 6, rose to 2.809% on Monday, up 0.004 points and a new maximum since January 2009.
The six-month Euribor average rose from 2.321% in November to 2.560% in December.
The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022).
Similarly, the three-month Euribor, which surged on July 14 for the first time since April 2015, advanced this Monday as it was set at 2.270%, plus 0.016 points and a new high since January 2009.
Between 21 April 2015 and 13 July 2015 (seven years and two months), the three-month Euribor rate was negative.
The three-month Euribor average increased from 1.825% in November to 2.063% in December.
Within 12 months, the Euribor remained unchanged this Monday as it was set at 3.328%, the same value as on Friday and a maximum since December 2008.
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 2.828% in November to 3.018% in December.
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.
At the last monetary policy meeting, on 15 December, the ECB raised key interest rates by 50 basis points, slowing the rate of increase from the two previously recorded rates, which were 75 basis points on 27 October and 27 October respectively. September 8.
On 21 July, the ECB raised the three main interest rates by 50 basis points for the first time in 11 years.
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 is determined by the average of the rates at which a group of 57 banks in the eurozone are willing to lend each other money on the interbank market.
Source: DN
