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Euribor rises to three and six months to new highs of over 13 years

Euribor rates rose today to three, six and 12 months compared to Thursday, in the two shortest periods to maximums since February and January 2009, respectively.

The six-month Euribor rate, the most used in Portugal for housing loans and which entered positive territory on June 6, rose today to 2.342%, 0.048 points more than on Thursday and a new maximum since January 2009.

The six-month Euribor average rose from 1.596% in September to 1.997% in October.

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

The three-month Euribor, which entered positive territory on July 14 for the first time since April 2015, also advanced today, as it was set at 1.821%, plus 0.019 points and a new high since February 2009.

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

The three-month Euribor average rose from 1.011% in September to 1.428% in October.

In the same sense, within 12 months, the Euribor rose today, being set at 2.837%, 0.003 points more than on Thursday, against 2.874% on November 9, a new high since January 2009.

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 increased from 2.233% in September to 2.629% in October.

The Euribor began to rise more significantly since February 4th, after the European Central Bank (ECB) admitted that it could raise the main interest rates this year due to the increase in inflation in the euro zone and the trend was reinforced with the beginning of Russia’s invasion of Ukraine on February 24.

On October 27, with the aim of curbing inflation, the ECB raised the three main interest rates by 75 basis points, the third consecutive increase this year, after having raised the three interest rates by 50 basis points on July 21 interest rates, the first rise in 11 years, and on Sept. 8 by 75 basis points.

Portuguese

The evolution of Euribor interest rates is closely linked to increases or decreases in the ECB’s key interest rates.

The three-, six- and 12-month Euribor rates registered all-time lows, respectively, -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

The Euribor are fixed by the average of the rates at which a group of 57 banks in the eurozone are willing to lend money to each other in the interbank market.

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