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The Euribor rises in three, six and 12 months to new highs since 2008

The Euribor rate rose this Tuesday in three, six and 12 months to reach new highs since November 2008.

The Euribor rises in three and six months to reach new highs since November 2008

The 12-month Euribor ratecurrently the most used in Portugal in variable rate housing loans, It advanced this Tuesday to 4.216%0.025 points more than Monday and 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.

within six monthsthe Euribor rate, which entered positive territory on June 6, 2022, It rose this Tuesday to 4.071%0.005 points more than in the previous session and a new high since November 2008.

Successively, three-month Euribor advanced 0.031 points compared to the previous session, when it was set this Tuesday by 3.934%also a new high since November 2008.

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, on September 14, The ECB raised its interest rates again for the tenth consecutive session, this time by 25 basis points. —such as July 27, June 15 and May 4—, an increase less than the 50 basis points observed on March 16, February 2 and December 15, when the pace of increases began to slow .

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.

The ECB’s next monetary policy meeting will take place on October 26 in Athens.

The three-, six- and 12-month Euribor rates recorded historic lows, 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 19 banks in the euro area are willing to lend money to each other in the interbank market.

Source: Observadora

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