Following these changes, the three-month rate, which rose to 2.647 per cent, remained below the six-month (2.820 per cent) and 12-month (3.160 per cent) rates.

The six-month Euribor rate, which in January 2024 became the most widely used in Portugal for variable-rate mortgages, rose today, settling at 2.820 per cent – 0.014 points higher than on 10 September and a new high since November 2024.

Data from the Bank of Portugal (BdP) for July indicate that the six-month Euribor accounted for 39.87 per cent of the stock of variable-rate loans for owner-occupied permanent housing.

The same data show that the 12-month and three-month Euribor rates accounted for 31.26 per cent and 24.40 per cent, respectively.

Over the 12-month period, the Euribor rate also rose again, to 3.160 per cent, up 0.022 points and a new high since August 2024.

Similarly, the three-month Euribor rose today, settling at 2.647 per cent, 0.004 points higher than on Thursday.

On 10 September, as expected by the market, the European Central Bank (ECB) raised its key interest rates by 25 basis points, having kept them unchanged in July.

In June, the ECB raised its key interest rates for the first time since September 2023, by 25 basis points, after keeping them unchanged in April – the seventh consecutive meeting at which rates were held steady and the eighth cut since the bank began its cycle of rate cuts in June 2024.

The ECB’s next monetary policy meeting will take place on 28 and 29 October in Frankfurt.

In August, the monthly average of the Euribor rose again for the three-, six- and 12-month tenors, but more sharply than in July and more markedly for the longer-term tenor.

The monthly average Euribor rate in August rose by 0.088 percentage points to 2.513 per cent for the three-month rate and by 0.066 percentage points to 2.713 per cent for the six-month rate.

As for the 12-month rate, after falling in June, the monthly average Euribor rose by 0.099 percentage points to 2.954 per cent.

Euribor rates are determined by the average of the rates at which a group of 21 eurozone banks is willing to lend money to one another on the interbank market.