The Euribor rate rose today to three months, to six and to 12 months in relation to Thursday, and in the shorter term reached a new maximum since December 2008, remaining above 3% in the three terms.
The 12-month Euribor rate, which is currently the most used in Portugal for variable rate housing loans, advanced today, being set at 3.582%, plus 0.004 points and against the maximum since November 2008, of 3.978%, verified on March 9.
According to the Bank of Portugal, the 12-month Euribor already represents 43% of the ‘stock’ of loans for permanent home ownership with variable rate, while the six-month Euribor represents 32%.
After rising to 0.005% on April 12, 2022, for the first time positive since February 5, 2016, the 12-month Euribor has been in positive territory since April 21, 2022.
The 12-month Euribor average increased from 3.534% in February to 3.647% in March, plus 0.113 points.
Within six months, the Euribor rate, which entered positive territory on June 6, also rose today, to 3.356%, plus 0.017 points, against the maximum since November 2008, of 3.461%, also verified on March 9 .
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 rose from 3.135% in February to 3.267% in March, plus 0.132 points.
The three-month Euribor, which entered positive territory on July 14 for the first time since April 2015, rose today, as it was set at 3.108%, 0.033 points more than on Thursday and a new high since December 2008 .
The three-month Euribor rate was negative between April 21, 2015 and July 13 last (seven years and two months).
The three-month Euribor average rose from 2.640% in February to 2.911% in March, that is, an increase of 0.271 percentage points.
The Euribor began to rise more significantly since February 4, 2022, after the European Central Bank (ECB) admitted that it could raise the key interest rates this year due to the increase in inflation in the euro zone and the trend was reinforced with the start of Russia’s invasion of Ukraine on February 24, 2022.
At the last monetary policy meeting, on March 16, the ECB once again raised key interest rates by 50 basis points, the same increase as on February 2 and December 15, when it began to slow down the pace of increases in compared to the two recorded previously, which were 75 basis points, respectively on 27 October and 8 September.
On July 21, 2022, the ECB increased, for the first time in 11 years, by 50 basis points, the three main interest rates.
The three-, six- and 12-month Euribor rates registered all-time lows, respectively, -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.
The Euribor are fixed by the average of the rates at which a group of 57 banks in the eurozone are willing to lend money to each other in the interbank market.