The Euribor rates rose this Thursday to three, six and 12 months, compared to the previous day.
The 12-month Euribor rate, which is currently the most used in Portugal for variable-rate housing loans, rose to 3.936%, 0.013 points more than on Wednesday, after having risen on May 29 to 3.982%, a new high since November 2008.
According to data from March 2023 from the Bank of Portugal, the 12-month Euribor represents 41% of the ‘stock’ of loans for permanent home ownership with a variable rate. The same data indicates that the Euribor at six and three months represent 33.7% and 22.9%, respectively.
The average 12-month Euribor interest rate increased from 3.757% in April to 3.862% in May, plus 0.103 points.
Within six months, the Euribor rate, which entered positive territory on June 6, 2022, rose this Thursday and was set at 3.757%, plus 0.024 points, after having reached the new maximum since November 2008, of 3.781%, also verified in May. 29
The six-month Euribor went from 3.516% in April to 3.682% in May, plus 0.166 points.
In the same sense, the three-month Euribor rose, standing at 3.486%, 0.027 points more, compared to Wednesday. On June 5 of this year, the Euribor reached a new maximum since November 2008 when it was set at 3.493%.
The three-month Euribor went from 3.179% in April to 3.372% in May, that is, an increase of 0.193 percentage points.
The Euribor began to rise more significantly from February 4, 2022, after the European Central Bank (ECB) admitted that it could raise official interest rates due to the increase in inflation in the euro area and the trend was reinforced with the start of Russia’s monetary policy. invasion of Ukraine on February 24, 2022.
At the last monetary policy meeting, on May 4, the ECB raised again, for the seventh consecutive time, but only by 25 basis points, official interest rates, a lower rise than the one carried out on March 16, on February and December 15, when the rate of increases began to slow down compared to the two previously recorded, which were 75 basis points, on October 27 and September 8, respectively.
On July 21, 2022, 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 interest rates registered historical lows, respectively, -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.
The Euribor are set by the average of the rates at which a group of 57 eurozone banks are willing to lend money to each other in the interbank market.
Source: Observadora
