The price of six-month Euribor, the most used in Portugal for housing loans, rose this Monday to 1.077%, up 0.094 points from Friday and reached new highs. The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022). The three-month maturity, for the ninth consecutive session, also recorded a new maximum, and settled at 0.542%, an increase of 0.040 points from Friday.
This rate entered positive territory on July 14, for the first time since April 2015. The three-month Euribor average rose from -0.239% in June to 0.037% in July. Over the 12-month period, the price rose yesterday to 1.612% compared to 1.482% on Friday. The 12-month rate rose to 0.005% on April 12, for the first time since 2016 and since April 21 has remained in positive territory. The 12-month average rate increased from 0.852% in June to 0.992% in July.
Prices will go up more
The broad rise came after the European Central Bank admitted that it may raise key interest rates this year due to rising inflation in the Eurozone and this trend was reinforced by the invasion of Ukraine on February 24th. At its monetary policy meeting on July 21, the European Central Bank raised its three key interest rates, the first increase in 11 years, with the aim of curbing inflation and indicated that it would continue to raise interest rates. The Board of Governors meets on the 8th of September and is expected to announce further increases.
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