The Euro Interbank Offered Rate (EURIBOR) is the most commonly benchmark used for the calculation of Mortgages in Portugal.
There are 5 different EURIBOR rates. One Week, one month, 3 months, 6 months and 12 months. The monthly average for the 12 month EURIBOR is the most frequently used.
The interest rates affect all kind of consumers with bank loans, credits and other financial products, with the exception of fixed rates of 10 or 20 years.
Euribor has been rising quickly, in the last couple months, and for the consumer means an increase in the monthly payment, and more expensive loans.
Historically variable-rates mortgages have been the main option on the Portuguese Market. But recently the option of fixed-rate loans have been issued, and the number is expected to grow in the upcoming moths.
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