Euribor rates showed mixed movements this Tuesday, September 8. The three-month rate fell to 2.635%, down 0.034 points from the previous session, and the six-month rate edged down to 2.796%. Conversely, the 12-month rate rose to 3.117%, up 0.001 points, setting a new high since August 2024.
The six-month Euribor, which since January 2024 has become the most used in Portugal for variable-rate mortgage loans, represented 39.87% of the stock of loans for permanent own housing with variable rate in July, according to data from the Bank of Portugal. The 12 and three-month rates represented 31.26% and 24.40%, respectively.
In August, the monthly averages of the three Euribor rates rose again, with greater intensity than in July and more sharply in the longer term. The three-month average stood at 2.513%, the six-month at 2.713% and the 12-month at 2.954%.
The next European Central Bank monetary policy meeting takes place on Wednesday and Thursday in Berlin, with the market anticipating a 0.25 percentage point rise in the three key rates. The ECB had raised rates in June for the first time since September 2023, after eight cuts since the start of the easing cycle in June 2024 and seven consecutive meetings keeping them unchanged in April.
