Everyone is talking about Euriborbut what is it for anyway? Euribor, or the euro interbank offered rate, is the main index in setting boy of interest a wide range of financial products, including mortgage loans.
It is calculated daily based on the interest rates offered by a group of 18 leading European banks and reflects the cost at which they lend to each other on the interbank market.
Since the beginning of 2024, its average value is 3,675%celebrating decrease -0.347 points compared to the 2023 average (4.022%): 3.605% in January, 3.671% in February, 3.718% in March, 3703% in April, 3680% in May, 3650% in June and 3526% in July.
Today’s index, August 27remains in 3,095% (-0.021), while the average for August is still 3,176% (-0.350) and planned for this eighth month of the year in 3,165%.
Last October, Euribor hit its highest level in six years, reaching 4.16%. The European Central Bank (ECB) said it would cut interest rates by 25 basis points – from 4.5% to 4.25% – after inflation slowed in recent months. The body, chaired by France’s Christine Lagarde, is ending a currency hike that began in July 2022 to combat rising prices that were strangling the economy at the time due to the energy crisis and the war in Ukraine.
The forecast for lower rates saw the mortgage index close in May at 3.68%, and will mean new credit reviews will continue to decline in the coming months. On average, mortgages will become cheaper by 190 euros.
Opinions differ on how many further cuts the ECB might make in 2024. Some predict another contraction by the end of the year.but everything will depend on how macroeconomic data and the global economic situation develop.
The Governing Council has other plans four meetings for the remainder of 2024 to decide on the eurozone’s monetary policy: 18 July, 12 September, 17 October and 12 December.
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