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Three-month Euribor drops to less than 3%

Euribor fell today in three, six and 12 months to new lows since March 2023 and December and October 2022, respectively, and in the shorter term to less than 3%.

With today’s changes, the three-month rate, which dropped to 2.985%, remains above the six-month rate (2.711%) and the 12-month rate (2.416%).

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 September 14 and December 1, 2023, dropped today to 2.711%, less 0.059 points and a new minimum since December 30, 2022.

Data from the Bank of Portugal (BdP) for September show that the six-month Euribor represented 37.26% of the stock of loans for permanent home ownership with variable rates. The same data indicates that the 12- and three-month Euribor represented 33.37% and 25.46%, respectively.

Within 12 months, the Selic, which was above 4% between June 16 and November 29, 2022, fell today to 2.416%, 0.073 points less than on Friday and a new low since October 5, 2022 .

In the same sense, the three-month Euribor fell today, being set at 2.985%, 0.037 points less than in the previous session and a new minimum since March 21, 2023.

The Selic average in October fell for three, six and 12 months, more sharply than in September and with more intensity in shorter terms.

On October 17, the BC cut interest rates by a quarter of a point for the third time this year, the second in a row, to 3.25%, in the face of inflation that it considers to be “on the right track” and economic activity worse than expected. predicted.

After the meeting on October 17th in Slovenia, the ECB has scheduled the last monetary policy meeting of this year for December 12th.

On September 18, it was the turn of the American Federal Reserve (Fed) to cut interest rates by 50 basis points, in what was the first drop since 2020.

Euribor is set by the average of the rates at which a group of 19 eurozone banks are willing to lend money to each other on the interbank market.