New pressure for housing loans in Portugal: Euribor reached two-year highs

New pressure for housing loans in Portugal: Euribor reached two-year highs

Interest pressure is getting stronger again for households with variable interest mortgage loans in Portugal. All 3, 6 and 12-month Euribor rates used in the calculation of housing loans increased on Monday, September 14.

The 6-month Euribor, which has become the most used reference for variable interest housing loans especially in Portugal, rose to 2.936 percent, reaching its highest level since November 2024.

The 12-month Euribor rose to a level not seen since August 2024, with 3.312 percent.

All three Euribor rates rose on the same day

According to the rates announced on September 14, the 6-month Euribor increased by 0.116 points compared to the previous trading day and reached 2.936 percent.

The daily rise in the 12-month Euribor was more pronounced. The rate increased by 0.152 points to 3.312 percent.

3-month Euribor also increased by 0.017 points to 2.664 percent.

Thus, the highest levels of the last two years were seen, especially in 6 and 12 month maturities.

ECB's interest rate hike pushes Euribor up

One of the most important developments behind the recent rise is the interest rate decision taken by the European Central Bank last week.

The ECB increased the three main policy rates by 25 basis points, in line with market expectations. This was the second interest rate increase in 2026.

Expectations in the market regarding future ECB interest policy Euribor Not only the current ECB interest rate but also the expectations for the coming months are important for those who use mortgage loans, as it has a direct impact on the mortgage loan.

The ECB's next monetary policy meeting will be held in Frankfurt on 28-29 October.

Why is the 6-month Euribor particularly important in Portugal?

A significant portion of variable interest housing loans in Portugal are indexed to Euribor.

According to Banco de Portugal's July data, the share of 6-month Euribor in the stock of variable interest and permanent residence housing loans was approximately 39.9 percent.

12-month Euribor had a share of approximately 31.3 percent and 3-month Euribor had a share of 24.4 percent.

For this reason, movements in the 6-month Euribor may affect the future installments of many mortgage holders.

Everyone's installments will not change today because Euribor has risen

There is an important distinction here.

The daily rise of Euribor does not mean that the installments of all housing loans linked to Euribor will automatically increase on September 14.

In variable interest loans, the interest rate is recalculated at periods specified in the contract. For example, in a loan based on 6-month Euribor, the reference rate is generally updated every six months.

Therefore, the real effect; Depending on the Euribor maturity of the loan, when the next interest rate update will be made, the spread applied by the bank, and the remaining loan amount and maturity. It's changing.

However, Euribor remaining at high levels increases the upside risk on variable interest loans that will be repriced in the coming periods.

Monthly Euribor averages also increased in August

The movement in daily rates did not occur in isolation.

In August, the monthly average of Euribor increased in all three main maturities. The 3-month average increased to 2.513 percent, the 6-month average increased to 2.713 percent and the 12-month average increased to 2.954 percent.

For this reason, it is important for those who have variable interest mortgage loans in Portugal to follow not only the daily Euribor rate but also the recalculation date of their own contracts.

Resources

ECO / Lusa — 14 September 2026

https://eco.sapo.pt/2026/09/14/taxas-euribor-renovam-maximos-de-dois-anos/

ECO / Lusa — 8 September 2026

https://eco.sapo.pt/2026/09/08/taxas-euribor-sobem-a-12-meses-para-novo-maximo-de-mais-de-dois-anos/