According to Notícias ao Minuto, the Euribor rate which rose to 3.698%, was above the six-month rate (3.671%) and the 12-month rate (3.578%).

The six-month Euribor rate, which in January became the most used in Portugal in housing loans with variable rates and which was above 4% between 14 September and 1 December, has risen to 3.671%, plus 0.010 points, after having reached 4.143% on 18 October, a maximum since November 2008.

Data from the Bank of Portugal (BdP) for April point to the six-month Euribor as the most used, representing 37.5% of the stock of loans for permanent home ownership with variable rates. The same data indicates that the twelve and three-month Euribor represented 34.1% and 25%, respectively.

Within 12 months, the Euribor rate, which was above 4% between 16 June and 29 November, has dropped to 3.578%, 0.002 points less than in the previous session, against the maximum since November 2008, of 4.228%, registered on 29 September.

In the opposite direction, the three-month Euribor advanced, being set at 3.698%, plus 0.016 points, after rising to 4.002% on 19 October, a maximum since November 2008.

On 6 June, the ECB lowered key interest rates by 25 basis points, after having kept them at the highest level since 2001 in five meetings and having made 10 increases since 21 July 2022.

The ECB's next monetary policy meeting takes place on 18 July. This drop in key rates should lead to a moderate decline in Euribor rates and thus lower the provision of housing credit. The Euribor average in May fell in all maturities, but more sharply than in April and in shorter maturities.

The Euribor average in May fell 0.073 points to 3.813% for three months (compared to 3.886% in April), 0.052 points for 3.787% for six months (compared to 3.839%), and 0.021 points for 3.681% for 12 months (compared to 3.702%).

Analysts anticipate that Euribor rates will reach around 3% at the end of the year. Euribor is set by the average of the rates at which a group of 19 banks in the eurozone are willing to lend money to each other in the interbank market.