The Euribor rates for three, six, and 12-month maturities fell today, after the two longer-term rates had risen on Friday to highs not seen since November and September 2024.
With today’s changes, the three-month rate—which dropped to 2.454%—remained below the six-month (2.707%) and 12-month (2.982%) rates.
The six-month Euribor rate—which became the most widely used rate for variable-rate mortgages in Portugal in January 2024—edged down today, settling at 2.707%. This is 0.016 points lower than on Friday, when it had risen to a new high since November 2024 (2.723%).
Data from the Bank of Portugal (BdP) for May indicate that the six-month Euribor accounted for 39.17% of the outstanding stock of variable-rate loans for primary residences.
The same data show that the 12-month and three-month Euribor rates accounted for 31.73% and 24.79%, respectively.
Similarly, the 12-month Euribor rate fell today to 2.982%—0.011 points lower than in the previous session, when it had also climbed to a new high since September 2024 (2.993%).
The three-month Euribor also retreated today, settling at 2.454%, down 0.034 points from Friday.
Last Thursday, the European Central Bank (ECB) kept its three key interest rates unchanged, as anticipated by the market, which now expects a rate hike in September. At the previous monetary policy meeting on June 11, the ECB raised key interest rates—specifically by 0.25 percentage points—for the first time since September 2023, following a hold in April (the seventh consecutive meeting without a change) and eight reductions since the institution began its cutting cycle in June 2024.
The ECB’s next monetary policy meeting will take place on September 9 and 10 in Berlin.
In June, the monthly average for the three-month and six-month Euribor rates rose again, while the rate for the longer term fell.
The monthly average Euribor rate in June rose by 0.113 points to 2.339% for the three-month term and by 0.060 percentage points to 2.596% for the six-month term.
Meanwhile, the 12-month Euribor average fell by 0.006 points to 2.798%.
Euribor rates are determined by the average rates at which a group of 21 euro-area banks are willing to lend money to one another in the interbank market.
