The Euribor rates rose this Monday to three, six and 12 months from Friday to new maximums in about 10 years.
The six-month Euribor interest rate, the most used in Portugal for housing loans and which entered positive territory on June 6, advanced this Monday to 1,494%, plus 0.052 points than on Friday and at a new high since January 2012.
The six-month Euribor rose from 0.466% in July to 0.837% in August.
The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022).
Along the same lines, the three-month Euribor, which entered positive on July 14 for the first time since April 2015, advanced this Monday, as it was fixed at 0.988%, plus 0.054 points and a new high since March 2012.
The three-month Euribor was negative between April 21, 2015 and July 13, 2015 (seven years and two months).
The average three-month Euribor rose from 0.037% in July to 0.395% in August.
Within 12 months, the Euribor also rose this Monday, as it was fixed at 2.075%, plus 0.060 points and a new high in December 2011.
After shooting on April 12 at 0.005%Positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.
The 12-month Euribor went from 0.992% in July to 1.249% in August.
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. At the monetary policy meeting held on July 21, the ECB raised all three official interest rates by 50 basis points, the first increase in 11 years, with the aim of curbing inflation.
On Thursday, September 8, the ECB decided increase by 75 points based on its three key interest rates, the second consecutive rise so far this year.
The ECB raises interest rates and foresees a recession in a “very dark” adverse scenario
At the end of the meeting, ECB President Christine Lagarde said the historic 75 basis point rise in interest rates was not the “norm” but stressed that the assessment would be done on a meeting-by-meeting basis.
The evolution of the Euribor interest rates is closely linked to the increases or decreases in the official interest rates of the ECB.
The Euribor at 3, 6 and 12 months registered a historical minimum, respectively, of -0.605% on December 14, 2021, from -0.554% It is -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.
Source: Observadora
