Euribor 12 Months – Current Rate
The Euribor at 12 months is the benchmark rate used by most European banks to calculate variable-rate mortgages. Check the latest rate, historical evolution since 1999, and understand how it directly affects your monthly mortgage payment.
Historical Euribor 12M
Monthly Euribor 12M Values
| Date | Rate (%) | Change | Trend |
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What is the Euribor?
The Euribor (Euro Interbank Offered Rate) is the average interest rate at which major European banks lend money to each other. It is published daily by the European Money Markets Institute (EMMI) and serves as the reference rate for millions of financial products across Europe.
There are several Euribor maturities: 1 week, 1 month, 3 months, 6 months, and 12 months. Each one reflects the cost of interbank lending for that time period.
Why does the 12-month Euribor matter for mortgages?
The 12-month Euribor is the most important rate for mortgage holders in the Eurozone. Most variable-rate mortgages are calculated as: Euribor 12M + a fixed spread (for example, Euribor + 0.99%). When the Euribor goes up, your monthly payment increases. When it goes down, you pay less.
Banks typically review your mortgage rate once or twice a year, using the Euribor value published in the month before your review date. That's why this page shows monthly averages — they are what your bank actually uses.
The 12-month maturity is preferred over shorter ones (1M, 3M, 6M) because it provides greater stability: your rate only changes once a year, protecting you from short-term volatility.
How does the ECB affect the Euribor?
The European Central Bank (ECB) sets the key interest rates for the Eurozone. When the ECB raises rates (as it did aggressively in 2022-2023 to fight inflation), the Euribor rises too. When the ECB cuts rates, the Euribor tends to fall.
However, the Euribor is not directly set by the ECB — it reflects market expectations. If banks expect the ECB to cut rates in the future, the Euribor may start falling before the actual cut happens.
Historical milestones
The Euribor was created in 1999 alongside the euro. Key moments in its history include:
- 1999: Euribor starts at around 3%. Falls to 2.2% as ECB supports growth.
- 2000-2001: Rises to 5.2% (dot-com bubble peak), then falls sharply after 9/11.
- 2005-2008: Climbs from 2.3% to a historic maximum of 5.5% (October 2008, financial crisis).
- 2009-2015: Falls continuously, entering negative territory in February 2016.
- 2016-2021: Stays negative for 6 years (around -0.5%), meaning banks effectively paid to lend to each other.
- 2022-2023: The fastest rise in history: from -0.5% to 4.2% in just 18 months, driven by ECB rate hikes against inflation.
- 2024-present: Gradual descent as ECB begins cutting rates. Currently around 2.2%.
Related Tools
Use our calculators to see exactly how the Euribor affects your mortgage: