Euribor rates reverse trend and fall for three, six and 12 months
Euribor rates fell today to three, six and 12 months compared to Tuesday, reversing the trend of recent sessions.
The six-month Euribor rate, the most used in Portugal for housing loans and which entered positive territory on June 6, dropped today to 2.442%, minus 0.001 points, against the new maximum since January 2009, of 2.443% , verified on December 6.
The six-month Euribor average rose from 1.997% in October to 2.321% in November.
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 dropped today, being set at 1.977%, 0.016 points less than on Tuesday, the day it rose to 1.993% , 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 1.428% in October to 1.825% in November.
Within 12 months, the Euribor also retreated today, being set at 2.864%, 0.006 points less than on Tuesday, against 2.892% on November 28 and 29, 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 2.629% in October to 2.828% in November.
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 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.
Source: Jornal de Negócios by www.jornaldenegocios.pt.
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