3 Month Euribor

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The 3-Month Euribor (Euro Interbank Offered Rate) is a prominent benchmark interest rate in the European financial markets. It represents the average interest rate at which a selection of major European banks lends to one another on an unsecured basis for a three-month (or 90-day) period. Like other Euribor rates, the 3-Month Euribor is published daily by the European Money Markets Institute (EMMI) and is widely used as a reference rate for various financial products and transactions within the Eurozone.

Here are some key points about the 3-Month Euribor:

  1. Maturity Period: The 3-Month Euribor reflects the cost of borrowing for a three-month period. This medium-term maturity makes it particularly relevant for a wide range of financial instruments and contracts that require interest rate references over a slightly longer horizon.
  2. Calculation Method: Similar to other Euribor rates, the 3-Month Euribor is determined through a daily polling process of a panel of major European banks. These banks report the interest rates at which they believe they could borrow funds in the interbank market for the specified maturity. The rate is then calculated as a trimmed mean to reduce the influence of outliers.
  3. Financial Products: The 3-Month Euribor serves as a benchmark for a variety of financial products and transactions. It is commonly used in the pricing and resetting of interest rates for floating-rate loans, mortgages, bonds, and derivatives in the Eurozone.
  4. Market Indicator: Movements in the 3-Month Euribor can provide insights into the overall health and sentiment of the European banking system. When financial markets experience stress or liquidity issues, Euribor rates can rise as banks become more cautious about lending to each other.
  5. European Central Bank (ECB) Influence: The ECB's monetary policy decisions, including changes to its key policy rates and asset purchase programs, can have an impact on Euribor rates, including the 3-Month Euribor. Changes in ECB policy often ripple through the interbank lending market.
  6. Transition to Alternative Rates: Similar to other benchmark rates, the Euribor rates are subject to regulatory reforms aimed at enhancing their robustness and reliability. The Euro Short-Term Rate (€STR) is one such alternative reference rate being explored as a potential replacement for Euribor in response to global regulatory changes and the phasing out of LIBOR.

The 3-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 and plays a vital role in facilitating borrowing and lending activities among European banks. As with other benchmark rates, it is essential to maintain the integrity of the 3-Month Euribor through regulatory oversight and efforts to ensure its continued relevance in the evolving financial landscape.

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

Current 3 Month Euribor Rate

The current 3 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 3 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 3 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 3 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 3 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 3 Month Euribor Affects Mortgages

Variable-rate mortgages in the Eurozone are typically pegged to a Euribor tenor plus a bank margin. The 3 Month Euribor is one of the most common references: the loan interest rate is reset every three months based on the prevailing 3 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 3 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 3 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 3 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 3 Month Euribor with the 6M Euribor and 12M 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.