05 December 2022 in

Euribor rates: significant increases in November

Euribor (Euro Interbank Rate) is a reference rate resulting from the average of the interest rates on loans made between banks in the Euro Zone.
In Portugal, it is common to index Mortgage Loans to Euribor, so these changes will impact a lot on the accounts of the Portuguese.
As a result of the general panorama and reflecting the decisions of the European Central Bank (ECB), Euribor rose, having registered record levels which dated back to 2009.
Last Friday (December 2nd), the Euribor rates for 3 and 6 months rose, and fell for 12 months, compared to the previous day.
After having registered a maximum of 2.442% since January 2009, the six-month Euribor rate stood at 2.406% (the average was 1.997% in October).
The three-month Euribor settled at 1.975% (the average was 1.428% in October).
On the other hand, the 12-month Euribor stood at 2.811%, slightly down on the previous day (the average was 2.629% in October).
These variations will have a significant impact on the Portuguese home loans, as the vast majority have variable rates.