The Euribor rates rose this Tuesday in all terms and six and 12 months to new maximums since February 2016 and October 2014, respectively.
The six-month Euribor interest rate, the most widely used in Portugal for mortgage loans, rose this Tuesday to -0.073%0.012 points more than in the previous session and a new maximum since February 2016.
If the trend of this Tuesday continues, the six-month Euribor May should end already on positive groundafter having registered a ‘peak’ in 2020 due to the Covid-19 pandemic, surpassed last week, and entered negative territory in November 2015.
Within 12 months, the Euribor also advanced this Tuesday, set to 0.364%plus 0.016 points and a new high since October 2014.
After shooting up to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.
After three months, the Euribor also went upwhen set at -0.356%, plus 0.007 points, after having advanced on May 19 to -0.348%, the maximum since July 2020.
The Euribor began to rise more significantly since February 4, after the European Central Bank (ECB) admitted that it could raise official 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.
The evolution of the Euribor interest rates is closely linked to the increases or decreases in the official interest rates of the ECB.
The three, six and twelve month Euribor interest rates entered negative territory on April 21, 2015, November 6, 2015 and February 5, 2016, respectively.
The Euribor at 3, 6 and 12 months registered its historical minimum, respectively, of -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.
The Euribor is set 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.