12 Month Euribor

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The 12-Month Euribor (Euro Interbank Offered Rate) is a significant benchmark interest rate utilized in the European financial markets. It represents the average interest rate at which a select group of major European banks lend to one another on an unsecured basis for a twelve-month (or one-year) period. Similar to other Euribor rates, the 12-Month Euribor is published daily by the European Money Markets Institute (EMMI) and serves as a fundamental reference point for various financial products and transactions within the Eurozone.

Here are some key features and applications of the 12-Month Euribor:

  1. Maturity Period: The 12-Month Euribor reflects the cost of borrowing for a full twelve-month term. This extended maturity makes it particularly relevant for financial products and contracts that require interest rate references over a longer horizon.
  2. Calculation Method: Like other Euribor rates, the 12-Month Euribor is determined through a daily polling process involving a panel of major European banks. These banks submit their estimates of the interest rates at which they could borrow funds from other banks in the interbank market for the specified one-year maturity. The rate is then calculated as a trimmed mean to reduce the influence of outliers.
  3. Financial Products: The 12-Month Euribor serves as a benchmark for a wide range of financial instruments and transactions. It is commonly used in the pricing and resetting of interest rates for long-term loans, mortgages, bonds, and various derivatives within the Eurozone.
  4. Market Indicator: Movements in the 12-Month Euribor can provide insights into the overall sentiment and stability of the European banking system over a longer horizon. During periods of financial stress or economic uncertainty, this rate may reflect increased caution among banks when lending to each other.
  5. Influence of the European Central Bank (ECB): The ECB's monetary policy decisions, including changes to its key policy rates and stimulus measures, can impact Euribor rates, including the 12-Month Euribor. Changes in ECB policy often have a cascading effect on the interbank lending market.
  6. Transition to Alternative Rates: In response to regulatory changes and the discontinuation of LIBOR (London Interbank Offered Rate), some financial institutions have explored alternative reference rates like the Euro Short-Term Rate (€STR) as potential replacements for Euribor.

The 12-Month Euribor is a crucial reference rate that contributes to the stability and functioning of the European financial markets. It provides transparency and consistency in pricing financial instruments, facilitating borrowing and lending activities among European banks. Ensuring the integrity of the 12-Month Euribor is essential through regulatory oversight and adapting to changes in the financial landscape to maintain its relevance.

View historical Euribor charts · Euribor history by tenor · Euribor forecast · What is Euribor · Current Euribor rates

Current 12 Month Euribor Rate

The current 12 Month Euribor rate is published daily by the European Money Markets Institute (EMMI) at around 11:00 CET. It represents the average rate at which a panel of major European banks lend to each other for the 12 month maturity. This rate is the primary reference for variable-rate mortgages and consumer loans in many Eurozone countries, including Spain, Italy, Portugal, and France. When you check the rate today, you are seeing the latest market consensus on interbank lending costs. The rate can change each business day in response to ECB policy, inflation expectations, and liquidity conditions. For the most up-to-date figure, use our rates table above or visit the official EMMI website.

Historical Trend

The 12 Month Euribor has exhibited significant volatility over the past two decades. From 2009 until 2022, it spent much of its time at historically low or negative levels as the ECB pursued accommodative policy through the euro crisis and the pandemic. The abrupt reversal in 2022, when inflation surged, pushed the 12 Month Euribor to multi-year highs—in some tenors exceeding 4% for the first time in over a decade. Understanding this historical arc helps borrowers and investors contextualise current levels. The chart and table on this page show the daily progression of the 12 Month Euribor over recent months. For longer-term analysis, visit our Euribor charts page, which offers interactive views over 1, 5, 10 years or all time. Our Euribor history page provides rate tables by tenor.

How 12 Month Euribor Affects Mortgages

Variable-rate mortgages in the Eurozone are typically pegged to a Euribor tenor plus a bank margin. The 12 Month Euribor is one of the most common references: the loan interest rate is reset every twelve months based on the prevailing 12 Month Euribor. When Euribor rises, the borrower's monthly payment increases; when it falls, the payment decreases. For example, on a €200,000 mortgage over 25 years, a 0.5% increase in the 12 Month Euribor can add roughly €50–60 to the monthly payment. Conversely, a 0.5% decrease reduces the payment by a similar amount. Borrowers with 12 Month Euribor-linked mortgages should monitor rate trends and plan for potential resets. Fixed-rate loans are not directly tied to Euribor, though the level of fixed rates offered by banks is influenced by market expectations of future Euribor. See our Euribor and loans guide for more detail.

Comparison with Other Tenors

Euribor is quoted for several tenors: 1 week, 1 month, 3 months, 6 months, and 12 months. The 12 Month Euribor sits within this spectrum. Shorter tenors (1M, 3M) tend to be more sensitive to immediate ECB policy and money market conditions; longer tenors (12M) reflect expectations over a wider horizon and often trade at a premium when the yield curve is upward-sloping. The 6 month Euribor is the most widely used for mortgages in Spain and several other countries, while the 12 month tenor is common in Portugal and elsewhere. Compare the 12 Month Euribor with the 3M Euribor and 6M Euribor to understand relative pricing across maturities. All tenors move in the same broad direction over time, driven by ECB policy and inflation, but the magnitude and timing of moves can differ.