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Euribor rises to three and six months to new highs of almost 14 years

Euribor rates rose today to new highs since the beginning of 2009 at three and six months and remained at 12 months, but also at a maximum level.

The six-month Euribor rate, the most used in Portugal for housing loans and which entered positive territory on June 6, advanced today to 2.442%, plus 0.006 points, 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 rose today, as it was set at 1.984%, plus 0.030 points, 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.

Within 12 months, the Euribor remained unchanged today, as it was set again at 2.892%, the same value as on Monday and a maximum 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.

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 rates are set at the average rate at which a group of 57 banks in the eurozone are willing to lend money to each other on the interbank market.