Euribor rates rose today to three, six and 12 months compared to Thursday, in the two shortest terms to new highs since November 2008.
The 12-month Euribor rate, which is currently the most used in Portugal for variable rate housing loans, increased today to 4,162%, 0,021 points more, after having risen to 4,193% on July 7, a new maximum since November 2008.
According to data for May 2023 from the Bank of Portugal, the 12-month Euribor accounted for 40,3% of the 'stock' of loans for permanent home ownership with variable rate. The same data indicate that the six- and three-month Euribor represented 34,4% and 22,8%, respectively.
The average 12-month Euribor rate increased from 3,862% in May to 4,007% in June, plus 0,145 points.
Within six months, the Euribor rate, which entered positive territory on July 7, 2022, also rose today, being set at 3,972%, 0,020 points more than on Thursday and a new maximum since November 2008 .
The six-month Euribor average rose from 3,682% in May to 3,825% in June, up 0,143 points.
In the same sense, the three-month Euribor advanced today, to 3,721%, plus 0,023 points and also a new maximum since November 2008.
The three-month Euribor average rose from 3,372% in May to 3,536% in June, that is, an increase of 0,164 percentage points.
The Euribor began to rise more significantly from February 04, 2022, after the European Central Bank (ECB) admitted that it could raise the main interest rates due to the increase in inflation in the euro zone and the trend was reinforced with the start of Russia's invasion of Ukraine on February 24, 2022.
In the most recent monetary policy meeting, held on 15 June, the ECB raised interest rates again, for the eighth consecutive meeting, by 25 basis points – as on 04 May -, an increase lower than the 50 basis points made on 16 March, February 2nd and December 15th, when the pace of ascents began to slow down.
Earlier, on October 27th and September 8th, key rates rose by 75 basis points. On July 21, 2022, the ECB had increased, for the first time in 11 years, by 50 basis points, the three main interest rates.
The ECB's next monetary policy meeting takes place on 27 July.
The three-, six- and 12-month Euribor rates recorded all-time lows, respectively, of -0,605% on December 14, 2021, -0,554% and -0,518% on December 20, 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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