The Euribor rate fell today for three, six months and 12 months compared to Wednesday, remaining below 4% in all three terms.
With today's changes, the three-month Euribor, which fell to 3,887%, was above the six-month rate (3,873%) and the 12-month rate (3,597%).
The 12-month Euribor rate, currently the most used in Portugal in housing loans with variable rates and which was above 4% between June 16th and November 28th, dropped today to 3,597%, 0,065 points less than on Thursday , after having increased on September 29th to 4,228%, a new maximum since November 2008.
According to data from the Bank of Portugal (BdP) for November 2023, the 12-month Euribor represented 37,4% of the stock of loans for permanent home ownership with variable rates. The same data indicates that the six- and three-month Euribor represented 36,1% and 23,9%, respectively.
In the same sense, within six months, the Euribor rate, which was above 4% between September 14th and December 1st, dropped today to 3,873%, 0,038 points less than in the previous session and against the maximum since November 2008, 4,143%, recorded on October 18th.
The three-month Euribor also fell today compared to the previous session, being set at 3,887%, minus 0,038 points and after rising on October 19 to 4,002%, a new maximum since November 2008.
The ECB European Central Bank kept interest rates unchanged on Thursday.
The president of the European Central Bank (ECB), Christine Lagarde, said that there are risks regarding economic growth, that inflation continues on a downward trend and that the pressure from salary increases is decreasing.
Lagarde also mentioned that «the ECB's decisions are dependent on economic data and the data they focus on point to a cut in interest rates in the coming months, potentially April» and also indicated that «summer could arrive earlier this year» .
The ECB is calling a pause on the unprecedented cycle of monetary tightening that has seen it raise rates ten times since mid-2022.
The Euribor average in December fell 0,037 points to 3,935% for three months (compared to 3,972% in November), 0,138 points for 3,927% for six months (compared to 4,065%) and 0,343 points for 3,679% for 12 months (compared to 4,022%). .
Euribor began to rise more significantly from February 4, 2022, after the ECB admitted that it could raise key interest rates due to the increase in inflation in the euro zone and the trend was reinforced with the start of the invasion of Ukraine by Russia on February 24, 2022.
The three-, six- and 12-month Euribor rates registered 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 19 banks in the eurozone are willing to lend money to each other in the interbank market.
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