Euribor rates rise and 3 and 6 months to highs over 14 years

The 12-month Euribor rate, which is currently the most used in Portugal for variable rate mortgages, rose today, being set at 3,435%, plus 0,034 points, against 3,446% on February 2, a new maximum since December. 2008.

According to the Bank of Portugal, the 12-month Euribor already represents 43% of the “stock” of variable-rate permanent home ownership loans, while the 6-month Euribor represents 32%.

After rising to 0,005% on April 12, for the first time positive since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The 12-month Euribor average rose from 3,018% in December to 3,338% in January, plus 0,320 points.

In the space of six months, the Euribor rate, which entered positive territory on June 6, rose today to 3,029%, 0,021 points more than on Monday and the current maximum since December 2008, verified for the first time in FEBRUARY.

The 6-month Euribor average rose from 2,560% in December to 2,864% in January, plus 0,304 points.

The 6-month Euribor was negative for 6 years and 7 months (between November 6, 2015 and June 3, 2022).

In the same vein, the 3-month Euribor, which entered positive territory on July 14 for the first time since April 2015, is rising today, standing at 2,602%, plus 0,037 points and a new high since January 2009.

The 3-month Euribor rate was negative between April 21, 2015 and July 13 (seven years and two months).

The average 3-month Euribor rose from 2,063% in December to 2,354% in January, an increase of 0,291 points.

Euribor began to rise more significantly from February 4, 2022, after the European Central Bank (ECB) admitted it may raise key interest rates this year due to rising inflation. in the Eurozone and the trend strengthened with the start of Russia's invasion of Ukraine on February 24, 2022.

At the last monetary policy meeting on February 2, the ECB raised its key interest rates again by 50 basis points, the same rise as on December 15, when it began to slow the pace of hikes against two previously recorded , which were 75 basis points, on October 27 and September 8, respectively.

On July 21, the ECB raised the three key rates by 50 basis points for the first time in 11 years.

The 3, 6 and 12 month Euribor rates recorded historic lows, respectively -0,605% on December 14, 2021, -0,554% and -0,518% on December 20, 2021.

Euribor is set by the average of the rates at which a group of 57 banks in the euro zone are willing to lend money to each other on the interbank market.

MC // MSF

Lusa / End