The 12-month Euribor rate, currently the most widely used in Portugal for variable rate home loans, rose today to 4.150%, up 0.016 points, after rising to 4.193% on July 7, the new maximum since November of 2008.
According to May 2023 data from the Bank of Portugal, 12-month Euribor accounted for 40.3% of the “stock” of permanent home equity loans at a variable rate. The same data shows that the six- and three-month Euribor accounts for 34.4% and 22.8%, respectively.
The 12-month average price of Euribor increased from 3.862% in May to 4.007% in June, plus 0.145 points.
Within six months, the price of Euribor, which entered the positive zone on July 7, 2022, also rose today, set at 3.962%, up 0.021 points from Friday and the new maximum since November 2008.
The six-month average Euribor rose from 3.682% in May to 3.825% in June, up 0.143 points.
In the same vein, the three-month Euribor price rose today to 3.685%, plus 0.025 points and the new maximum since November 2008.
The three-month average Euribor rose from 3.372% in May to 3.536% in June, an increase of 0.164 percentage points.
Euribor started to rise further from February 4, 2022, after the European Central Bank (ECB) admitted that it may raise key interest rates due to rising inflation in the Eurozone and the trend strengthened with the onset of Russia. Invasion of Ukraine on February 24, 2022.
At its last monetary policy meeting, held on June 15, the European Central Bank raised interest rates again, for the eighth consecutive meeting, by 25 basis points – as on May 4 – up less than 50 basis points on March 16, February 2 and December 15. , when the pace of ascent began to slow down.
Earlier, on October 27 and September 8, key interest rates rose by 75 basis points. On July 21, 2022, the European Central Bank, for the first time in 11 years, raised the three main interest rates by 50 basis points.
Three, six and 12-month Euribor prices hit all-time lows, respectively, -0.605% on December 14, 2021, and -0.554% and -0.518% on December 20, 2021.
Euribor is fixed by averaging the rates at which a group of 57 banks in the eurozone are willing to lend money to each other in the interbank market.
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