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Six-month Euribor falls again to a new 11-month low
The Euribor rate fell today at three and six months, in the longer term to a new low since June 13 last year, and rose at 12 months.
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Economia Euribor
With today's changes, the three-month Euribor, which fell to 3.800%, remained above the six-month rate (3.775%) and the 12-month rate (3.740%).
The six-month Euribor rate, which has become the most widely used in Portugal for variable-rate housing loans and which was above 4% between 14 September and 01 December, fell today to 3.775%, down 0.005 points and a new low since 13 June last year, after rising on 18 October to 4.143%, a high since November 2008.
Data from the Bank of Portugal (BdP) for March indicate that the six-month Euribor is the most widely used, representing 36.6% of the 'stock' of loans for permanent housing with variable rates. The same data indicate that the 12-month and three-month Euribor represented 34.3% and 24.9%, respectively.
Over the 12-month period, the Euribor rate, which was above 4% between 16 June and 29 November, rose today to 3.740%, up 0.011 points from the previous session, against the high since November 2008, of 4.228%, recorded on 29 September.
Conversely, the three-month Euribor fell, being fixed at 3.800%, down 0.008 points, after rising on 19 October to 4.002%, a high since November 2008.
Market expectations point to a cut in the European Central Bank's (ECB) benchmark interest rates at the next monetary policy meeting on 06 June.
This cut, if it materialises, should lead to a moderate decline in Euribor rates and thus lower housing loan repayments, with analysts anticipating that Euribor rates will reach around 3% by the end of the year.
At the last monetary policy meeting, on 11 April, the ECB kept its benchmark interest rates at the highest level since 2001 for the fifth consecutive time, after making 10 increases since 21 July 2022.
The average Euribor in April fell in all three maturities, namely 0.037 points to 3.886% at three months (against 3.923% in March), 0.056 points to 3.839% at six months (against 3.895%) and 0.016 points to 3.702% at 12 months (against 3.718%).
Euribor rates began to rise more significantly from 04 February 2022, after the ECB admitted that it could raise key interest rates due to rising inflation in the eurozone and the trend was reinforced with the start of the Russian invasion of Ukraine on 24 February 2022.
The three-, six- and 12-month Euribor rates recorded all-time lows of -0.605% on 14 December 2021, -0.554% and -0.518% on 20 December 2021, respectively.
Euribor rates are fixed by the average of the rates at which a group of 19 eurozone banks are willing to lend money to each other on the interbank market.
Read Also: Six-month Euribor falls again to a new 11-month low (Portuguese version)
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