Euribor rises to 12 months to new maximum since December 2008 | Housing

The Euribor rate rose this Wednesday to three and 12 months, in the longest period to a new maximum since December 2008, and dropped to six months.

The 12-month Euribor rate, which is currently the most used in Portugal for variable rate housing loans, advanced this Wednesday, as it was set at 3.625%, plus 0.047 points, a new maximum since December 2008.

According to the Bank of Portugal, the 12-month Euribor already represents 43% of stock of loans for permanent housing at a variable rate, while the six-month Euribor represents 32%.

After having shot up on April 12, 2022 to 0.005%, for the first time positive since February 5, 2016, the 12-month Euribor has been in positive territory since April 21, 2022.

The 12-month Euribor average increased from 3.018% in December to 3.338% in January, plus 0.320 points.

On the other hand, within six months, the Euribor rate, which entered positive territory on June 6, fell this Wednesday to 3.197%, 0.028 points less than the day before, against the new maximum since December 2008 , of 3.225%, recorded on February 21st.

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

The six-month Euribor average rose from 2.560% in December to 2.864% in January, up 0.304 points.

The three-month Euribor, which entered positive territory on 14 July for the first time since April 2015, rose this Wednesday, being set at 2.683%, plus 0.001 points, after having advanced to 2.703% on 16 February, a new high since January 2009.

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

The three-month Euribor average rose from 2.063% in December to 2.354% in January, that is, an increase of 0.291 points.

The Euribor began to rise more significantly since February 4, 2022, after the European Central Bank (ECB) admitted that it could raise the key interest rates this year due to the increase in inflation in the euro zone and the trend was reinforced with the start of Russia’s invasion of Ukraine on February 24, 2022.

At the last monetary policy meeting, on February 2nd, the ECB once again raised the key interest rates by 50 basis points, the same increase as on December 15th, when it began to slow down the pace of increases in relation to the two previously recorded , which were 75 basis points, respectively on 27 October and 8 September.

On July 21, the ECB increased, for the first time in 11 years, by 50 basis points, the three main 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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