The six and 12-month Euribor rates rose this Monday to new highs since November and August 2024, respectively, while the three-month rate fell. The six-month Euribor settled at 2.797%, up 0.003 points from Friday, and the 12-month reached 3.116%, up 0.008 points. The three-month rate fell to 2.669%, down 0.010 points. Data from the Bank of Portugal indicates that the six-month Euribor is the most used in Portugal in variable-rate mortgage loans, representing 39.87% of the permanent owner-occupied housing loan stock.
The next monetary policy meeting of the European Central Bank takes place this week, on September 9 and 10, in Berlin, and the market anticipates a quarter-point rise in the three key rates. In August, the monthly average of the Euribor rose across all three maturities, with greater intensity than in July and more sharply at the longest maturity. At the June 11 meeting, the ECB had raised the key rates for the first time since September 2023, by 0.25 percentage points, after keeping them unchanged in April for the seventh consecutive meeting.
The Euribor rates are set by the average of the rates at which a group of 21 banks in the Eurozone is willing to lend money to each other in the interbank market.
