Euribor monthly review

Month-by-month reviews of Euribor: averages, ranges and changes, numbers only.

Euribor started on 1 January 1999 with the euro. Monthly averages from 1999 come from the ECB Data Portal; daily fixings from January 2006 come from the Bank of Finland. The yearly table shows the average, low and high for every year and maturity; each year links to its months and days.

Euribor (Euro Interbank Offered Rate) is the reference rate behind most variable-rate mortgages in Spain, Italy, Portugal, Finland, the Netherlands and Austria. The five maturities below are the fixings of : the 12-month rate is the one most household loans follow, the 3-month rate is common in Italy and Austria, and the 1-week and 1-month rates track ECB policy most closely.

All values are published one business day after the fixing, sourced from the Bank of Finland, and cross-checked monthly against the ECB Data Portal. Use the maturity pages for history, the monthly pages for revision averages, and the calculator to translate a change into euros per month.

Every number on this page is a published fixing, not an estimate: daily values come from the Bank of Finland's copy of the Euribor series, monthly averages are the arithmetic mean of those fixings and are cross-checked against the ECB Data Portal, and the tables are rebuilt each business day after the previous day's fixing appears. Tenors use the ACT/360 convention. Where a monthly average differs from the ECB figure by more than a hundredth of a point the methodology page lists the case.

What the monthly review is

The monthly review is a numbers-only summary of Euribor for one calendar month, published on the first business day of the following month once the last fixing of the month has arrived through the 24-hour delay. Each review covers all five maturities, 1 week, 1 month, 3 months, 6 months and 12 months, and reports for each of them the monthly average, the change in that average against the previous month, the low and the high, the first and last fixing of the month, and the ECB Data Portal's official monthly average alongside for comparison. The accompanying text states how many daily fixings each average rests on.

What it contains, and what it does not

The review contains no commentary. It does not say why a rate moved, whether the move was expected, or what it means for the months ahead. It is a record of what was fixed, compiled automatically from the same database that feeds the rest of the site, using the daily fixings from the Bank of Finland and cross-checked against the ECB Data Portal's monthly averages where those have been published.

The purpose is practical. Mortgage contracts in Spain, Portugal and elsewhere reference the monthly average of a named month, and the review gives that figure for every maturity in one place, together with the range of daily fixings that produced it. A borrower whose revision uses last month's average can find it here on the first business day of the month, and can see from the low and high how much the daily fixings varied around it.

Reading a review

The change column compares averages, not end-of-month fixings. A month whose average rose against the previous month can still have ended below where it started, if the rise happened early; the first and last fixings show that. The fixing count in the text explains why one month's average rests on more days than another's. All figures are stated with the same rounding as the rest of the site and come with the same 24-hour delay, so a review is never published before the month's last fixing is in the database.

The table on this page lists the last two years of reviews with the average of every maturity, and each review links onward to the month pages for the 3-month, 6-month and 12-month maturities, where the daily fixings are tabulated.