The Euribor rate rose again this Thursday to three, six and 12 months, in the two shortest time periods to reach new highs since November 2008 and six months to overcome the 4% barrier.
The 12-month Euribor rate, currently the most used in Portugal for variable-rate mortgage loans, rose this Thursday to 4.159%0.047 points more than Wednesday, after having risen to 4.193% on July 7, a new high since November 2008.
According to data from the Bank of Portugal from July 2023, the 12-month Euribor represented 39.4% of the stock of loans for permanent housing owned at a variable rate. The same data indicate that the six- and three-month Euribor represented 35.1% and 23.0%, respectively.
In six months, the Euribor rate, which entered positive territory on June 6, 2022, rises this Thursday to 4.040%0.041 points more than in the previous session and a new high since November 2008.
The Euribor rises in three and six months to reach new highs since 2008
In turn, the The three-month Euribor increases 0.022 points compared to the previous session and is set this Thursday at 3.867%also a new high since November 2008
The markets are awaiting the decision of the European Central Bank (ECB) to raise official interest rates or keep them at 4.25%, in a context of economic weakness and high inflation.
The Euribor began to rise more significantly from February 4, 2022after the European Central Bank (ECB) admitted that it could raise key interest rates due to rising inflation in the euro zone and the trend was reinforced with the start of the Russian invasion of Ukraine on February 24, 2022.
In the last monetary policy meeting, held on July 27, the ECB raised interest rates again, for the ninth consecutive session, by 25 basis points (the same as on June 15 and May 4), an increase of less than 50 basis points made on July 27. March 16, February 2 and December 15, when the pace of the increases began to slow down.
Previously, on October 27 and September 8, key rates rose by 75 basis points. On July 21, 2022, the ECB had increased the three official interest rates by 50 basis points for the first time in 11 years.
Euribor rates at three, six and 12 months reached historic lows, respectively, -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 19 banks in the euro area are willing to lend money to each other in the interbank market.
Source: Observadora
