The six-month Euribor rate, the most used in Portugal for housing loans and which entered positive territory on June 6, dropped today, for the second consecutive session, to 2.103%, minus 0.003 points, against a new maximum since February 2009, of 2.132%, verified on October 24th.
The six-month Euribor average rose from 0.837% in August to 1.596% in September.
The six-month Euribor was negative for six years and seven months (between November 6, 2015 and June 3, 2022).
Within 12 months, Euribor also dropped today, for the third consecutive session, when it was set at 2.690%, 0.035 points less than on Tuesday, after having risen on October 21 to 2.778%, a new maximum since December 2008.
After having soared on April 12 to 0.005%, 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 increased from 1.249% in August to 2.233% in September.
On the other hand, the three-month Euribor, which entered positive territory on July 14 for the first time since April 2015, advanced today, for the sixth consecutive session, when it was set at 1.578%, 0.001 points more than on Tuesday. fair and a new high since November 2011.
The three-month Euribor rate was negative between April 21, 2015 and July 13, 2015 (seven years and two months).
The three-month Euribor average rose from 0.395% in August to 1.011% in September.
Euribor started to rise more significantly since February 4th, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone and the trend was reinforced with the beginning of the Russia’s invasion of Ukraine on February 24.
On September 8, the ECB raised the three key interest rates by 75 basis points, the second consecutive increase this year, since on July 21, it had raised the three key interest rates by 50 basis points, the first rise in 11 years, with the aim of curbing inflation.
At the end of the last meeting, ECB President Christine Lagarde said the historic 75 basis point rise in interest rates is not the “norm”, but stressed that the assessment will be meeting by meeting. The next is on Thursday.
The evolution of Euribor interest rates is closely linked to increases or decreases in key ECB interest rates.
The three-, six- and 12-month Euribor rates recorded their lowest ever, respectively, of -0.605% on 14 December 2021, -0.554% and -0.518% on 20 December 2021.
Euribor is set by the average of the rates at which a group of 57 banks in the eurozone are willing to lend money to each other on the interbank market.
MC // CSJ
Lusa/End
