Euribor rate reaches highest in 14 years

Today, Euribor rates rose to three and six months new highs, the highest since January 2009. 

The six-month Euribor rate, the most used in Portugal for housing loans, increased today to 2.809%, 0.004 points more and a new maximum since January 2009.

The six-month Euribor average rose from 2.321% in November to 2.560% in December.

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 14th for the first time since April 2015, advanced today, being set at 2.270%, plus 0.016 points and a new high since January 2009.

The three-month Euribor rate was negative between April 21st, 2015 and July 13th 2022 (seven years and two months).

The three-month Euribor average rose from 1.825% in November to 2.063% in December.

Within 12 months, the Euribor has remained unchanged today, as it was set at 3.328%, the same value as on Friday and a maximum since December 2008.

After rising to 0.005% on April 12th, for the first time positive since February 5th, 2016, the 12-month Euribor has been in positive territory since April 21st.

The 12 month Euribor average increased from 2.828% in November to 3.018% in December.

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 24th.

At the last monetary policy meeting, on December 15th, the ECB increased the key interest rates by 50 basis points, thus slowing the pace of increases in relation to the two previously recorded, which were 75 basis points, respectively, on October 27th and on September 8th.

On July 21st, the ECB raised the three key interest rates by 50 basis points for the first time in 11 years.

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

Source Lusa