The Euribor rate fell today to six and 12 months and rose to three months, compared to Wednesday, to a maximum since December 2008.
The 12-month Euribor rate, which is currently the most used in Portugal for variable rate housing loans, dropped today to 4,095, 0,021 points less than on Wednesday, after rising to 4,193% on July 7, a new high since November 2008.
In the same sense, within six months, the Euribor rate, which entered positive territory on July 7, 2022, dropped today to 3,941%, 0,023 points less than the previous day, against the maximum since November 2008, 3,972%, verified on the 21st of July.
The three-month Euribor rose 0,017 points today, compared to Wednesday, to 3,815%, the highest since 1 December 2008.
The Euribor began to rise more significantly from February 4, 2022, after the European Central Bank (ECB) admitted that it could raise the key 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.
At the most recent monetary policy meeting, held on July 27, the ECB raised interest rates again, for the ninth consecutive session, by 25 basis points – as on June 15 and May 4 –, an increase lower than the 50 points base performed on March 16, February 2 and December 15, when the pace of increases 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 14 September.
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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