The daily summary shows that the three-, six-, and 12-month benchmarks all rose from the previous day, keeping the yield curve upward. After this update, the three-month rate settled at 2.229%, below the rates on longer maturities. The six-month rate reached 2.492%, and the 12-month maturity consolidated at 2.742%.

The six-month Euribor, the most widely used benchmark for primary residence variable-rate mortgages in Portugal since early 2024, led this upward trend. It rose to 2.492%, up 0.046 percentage points from 26 May.

Data from the Bank of Portugal show its significance to households: the six-month maturity accounts for 39.41% of variable-rate real estate loans in Portugal. The 12-month maturity is 31.62%, while the three-month maturity is 24.65%.

The 12-month benchmark climbed to 2.742%, adding 0.020 points compared to the previous day. The shortest maturity, the three-month rate, advanced 0.039 points to settle at 2.229%. This movement in the three-month rate comes just days after the indicator touched a new high, its highest level since April 2025, settling at 2.283%. This daily dynamic continues the trend observed in the monthly averages recorded during the previous period.

All three maturities saw a broad-based rise, with greater intensity in the longer-term benchmarks. The monthly averages stood at 2.175% for the three-month term, 2.454% for the six-month term, and 2.747% for the one-year term.

This chain reaction in the interbank market—where rates are calculated based on the average interest charged by a panel of 19 Eurozone banks on loans to one another—is closely linked to the region's macroeconomic outlook.

At its most recent monetary policy meeting on 30 April, the European Central Bank opted to keep key interest rates unchanged for the seventh consecutive time, temporarily halting the cycle of eight consecutive rate cuts that began in the summer of 2024. In light of Frankfurt's pause, the financial market now anticipates that the monetary authority may proceed with an adjustment at its next scheduled meeting on June 10 and 11, thereby immediately influencing the trajectory of Euribor rates.