$What Euribor is, in summary
Euribor (Euro Interbank Offered Rate) is the average rate at which a panel of major European banks lends money to each other in the interbank market of the eurozone. It is calculated and published daily by an independent entity, not by individual banks or customers, but tends to follow the interest rate policy of the European Central Bank (ECB). In Portugal, it is the most used index in variable-rate mortgage loans (Euribor + bank spread = final interest rate) and indirectly influences the rates offered on savings accounts. As of July 31, 2026, Euribor was at 2.472% at 3 months, 2.681% at 6 months, and 2.958% at 12 months.
If you have a mortgage with a variable or mixed rate, or if you are comparing savings accounts, you must have seen the term “Euribor” everywhere — but understanding exactly what it is, who calculates it, and how it affects your payment or interest helps interpret news about rises and falls without solely depending on what the bank tells you.
Who calculates Euribor and why
Euribor does not result from a decision by a commercial bank or an individual customer — it is calculated and published daily by an independent entity, based on an average of the rates at which a panel of major European banks is willing to lend money to other banks, without guarantees, in the eurozone interbank market. There are various maturities, with the 3, 6, and 12-month Euribor being the most used in Portugal.
Euribor is not directly set by the ECB, but it tends to closely follow the ECB’s monetary policy decisions: when the ECB raises or lowers its key interest rates, Euribor usually moves in the same direction in the following weeks, reflecting interbank market expectations.
Current Euribor rates (3, 6, and 12 months)
| Term | Rate (July 31, 2026) | Most common use |
|---|---|---|
| 3 months | 2.472% | Most used index for new mortgage loans in Portugal since January 2024 |
| 6 months | 2.681% | Traditionally most used index in variable-rate mortgage loans |
| 12 months | 2.958% | Annual reviews and reference in some savings products |
Reference values as of July 31, 2026 — Euribor changes daily. Always confirm the current value on an aggregator like Euribor Rates or in your bank’s bulletin before making decisions.
How Euribor affects mortgage loans
In mortgages with a variable or mixed rate, the final interest rate (TAN) results from Euribor + spread — the spread is the margin that the bank adds and remains fixed throughout the contract (unless renegotiation occurs), while the Euribor component is reviewed periodically, usually every 3, 6, or 12 months, depending on the index chosen in the contract. Shorter terms (like 3 months) reflect market changes more quickly — both rises and falls —, while longer terms (12 months) smooth out variations over the year.
How Euribor affects savings
Euribor is not directly indexed to savings accounts in the way it is to mortgages, but the overall level of interest rates in the eurozone — which Euribor closely reflects — influences the TANB rates that banks and platforms offer on savings accounts and term deposits. In periods of higher Euribor (as the ECB has been signaling since the rise in mid-June 2026), it is more likely that better offers for remunerated savings will appear. To compare current options, check our comparison of savings accounts in Portugal.
Recent Euribor developments
The ECB cut interest rates eight consecutive times starting in June 2024, during which Euribor dropped significantly — the 6-month Euribor reached as high as 3.80% in 2025 and fell to around 2.10% by mid-2026. The ECB then kept rates unchanged for seven consecutive meetings until April 2026, before raising the key rates by 0.25 percentage points in mid-June 2026 — a move that has already been reflected in a gradual rise in Euribor in the subsequent weeks, including in the latest July 2026 figures.
Frequently Asked Questions about Euribor
Perguntas frequentes
Euribor is not directly determined by a bank, the customer, or the ECB. It is calculated and published daily by an independent entity, based on an average of the rates at which a panel of major European banks lends money to each other in the eurozone interbank market.
No, but they are related. Euribor reflects interbank market conditions and tends to move in the same direction as the ECB's monetary policy decisions, but it is a distinct market indicator, not a rate directly set by the ECB.
The 3-month Euribor became the most used index for new mortgage loans in Portugal since January 2024, although the 6-month Euribor also remains a common reference in older contracts.
Not necessarily — a higher Euribor makes variable-rate mortgage loans more expensive but also tends to result in better interest rates on savings accounts and term deposits, as banks adjust their offers to the overall level of interest rates in the eurozone.
Educational content, does not constitute financial advice. Euribor rates change daily — the presented values are as of July 31, 2026, and are for reference only. Always confirm the current value before making credit or savings decisions.