The Euribor rate fell to three and six months this Monday and rose to 12 months, for the sixth consecutive session, to a new high since December 2008, when it was set at 3.579%.
The 12-month Euribor rate, currently the most widely used in Portugal for floating rate home loans, rose to 3.579% this Monday, plus 0.007 points, a new high since December 2008.
According to the Bank of Portugal, the 12-month Euribor already represents 43% of the ‘stock’ of loans for permanent home ownership with variable rates, while the six-month Euribor represents 32%.
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 3.018% in December to 3.338% in January, plus 0.320 points.
On the other hand, the Euribor rate, which entered positive territory on June 6, fell within six months to 3.192%, minus 0.020 points, from 3.212% on February 17, a new high since December 2008.
The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022).
The six-month Euribor average increased from 2.560% in December to 2.864% in January, plus 0.304 points.
The three-month Euribor, which surged for the first time since April 2015 on July 14, also fell today, set at 2.654%, minus 0.013 points, after rising to 2.703% on February 16, 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 rose from 2.063% in December to 2.354% in January, or an increase of 0.291 points.
The Euribor started to rise more sharply since 4 February 2022 after the European Central Bank (ECB) admitted that it may raise key interest rates this year due to the increase in inflation in the Eurozone and the trend was reinforced with the start of the Russian invasion of Ukraine on February 24, 2022.
At its last monetary policy meeting, on February 2, the ECB raised key interest rates again by 50 basis points, the same increase as on December 15, when it began to slow the rate of increases from the two previously recorded, which were 75 basis points respectively. on October 27 and 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 recorded historic lows of -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021, respectively.
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
