The effect of the more expressive than expected rise in the European Central Bank (ECB) key rates was not yet fully discounted in the interbank market, where Euribor rates are set daily. Thus, despite the rises in recent days, the rates that serve as the basis for housing loans rose again, reaching maximums of eight and 10 years. And the rate of ascent continues to be high.
The three-month Euribor, the last to enter positive territory, on July 14, advanced this Friday to 0.2%, up 0.055 percentage points and a new maximum since September 2014.
The six-month maturity, the most used rate in Portugal for housing loans, rose by another 0.074 percentage points, to 0.706%, a new maximum since August 2012.
Within 12 months it also followed the same trend, settling at 1.2%, up 0.058 percentage points and a new high since August 2012.
After about seven years of accumulating negative value, in a few months Euribor rates reached values that end up having a significant impact on home loans, new and already contracted, subject to periodic reviews. Benefiting from this movement, more on a small scale, are only those who have savings.
The ECB’s concern to stop the escalation of inflation, which, in the words of the president, Christine Lagarde, led it “to take a larger first step in the process of normalizing interest rates”, opens the door to new consistent measures to to work. And the next decision to raise key ECB rates will take place in September.
The fears of cutting off Russian gas supplies to several European countries and the political crisis in Italy, which returns to the polls in September, after the resignation of Mario Draghi, are factors that influence the setting of rates in the interbank market, from lending operations that a wide range of banks are willing to do with each other.