The Euribor rate dropped to three months today and rose to six and 12 months to new highs since December 2008, after average rates rose by around 30 basis points in January compared to the previous month.
The six-month Euribor rate, the most used in Portugal for home loans and which entered positive territory on 6 June, advanced today to 3,009%, 0,021 points more and a new maximum since December 2008.
The six-month Euribor average rose from 2,560% in December to 2,864% in January, up 0,304 points.
The six-month Euribor was negative for six years and seven months (between 6 November 2015 and 3 June 2022).
Within 12 months, the Euribor also advanced today, being set at 3,414%, plus 0,001 points, a new maximum since December 2008.
After having shot up on the 12th of April to 0,005%, for the first time positive since the 5th of February 2016, the 12-month Euribor has been in positive territory since the 21st of April.
The 12-month Euribor average increased from 3,018% in December to 3,338% in January, plus 0,320 points.
On the other hand, the three-month Euribor, which entered positive territory on 14 July for the first time since April 2015, dropped today, being set at 2,483%, minus 0,029 points, against 2,512% on 31 January, a maximum since January 2009.
The three-month Euribor rate was negative between 21 April 2015 and 13 July last (seven years and two months).
The three-month Euribor average rose from 2,063% in December to 2,354% in January, that is, an increase of 0,291 points.
The Euribor began to rise more significantly since February 4th, after the European Central Bank (ECB) admitted that it could raise the main interest rates this year due to the increase in inflation in the euro zone and the trend was reinforced with the beginning of Russia's invasion of Ukraine on February 24.
At the last monetary policy meeting, on December 15, the ECB increased the key interest rates by 50 basis points, thus slowing the pace of increases in relation to the two previously recorded, which were 75 basis points, respectively, on October 27 and on 8 September.
On July 21, the ECB raised the three key interest rates by 11 basis points for the first time in 50 years.
The three-, six- and 12-month Euribor rates registered all-time lows, respectively, of -0,605% on 14 December 2021, -0,554% and -0,518% on 20 December 2021.
The Euribor are fixed by the average of 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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