What is Euribor?

Euribor, short for Euro Interbank Offered Rate, is the reference rate for unsecured euro lending between banks. It is the benchmark behind most variable-rate mortgages, many business loans and a large share of the derivatives market in the euro area.

Who calculates it

Euribor is administered by the European Money Markets Institute (EMMI) in Brussels and is a regulated critical benchmark under the EU Benchmarks Regulation. Each TARGET business day a panel of around 19 banks contributes data on their actual unsecured borrowing. EMMI's hybrid methodology uses real transactions where possible, then transaction-derived and expert-judgement inputs where the market is thin. The rates are published at 11:00 CET, and the highest and lowest contributions are trimmed before averaging.

The five maturities

Euribor is published for five tenors. Each is a separate rate answering a different question: what does it cost a bank to borrow for that period?

• 12 months Euribor: 3.068% on Sep 2, 2026. The 12-month Euribor is the rate most household mortgages in Spain, Portugal, Finland and Italy are tied to. Because it prices expectations for a full year, it moves ahead of ECB decisions and is the tenor most people mean when they ask what Euribor is doing.
• 6 months Euribor: 2.770% on Sep 2, 2026. The 6-month Euribor is a common reference for variable-rate mortgages in Spain, Portugal and Italy that reset twice a year, and for many corporate loans.
• 3 months Euribor: 2.646% on Sep 2, 2026. The 3-month Euribor is the most important tenor in wholesale finance: it underlies the Euribor futures market, many corporate loans and interest-rate swaps, and is the reference for variable mortgages in Italy and parts of Central Europe.
• 1 month Euribor: 2.295% on Sep 2, 2026. The 1-month Euribor is used in some corporate loans and floating-rate notes. It reacts quickly to expectations of ECB rate decisions within the coming weeks.
• 1 week Euribor: 2.146% on Sep 2, 2026. The 1-week Euribor is the shortest maturity still published. It closely tracks the ECB deposit facility rate and the overnight €STR, and is mainly used in money-market instruments rather than consumer loans.

Until November 2013 EMMI published fifteen tenors, including 2 weeks and 2, 4, 5, 7, 8, 9, 10 and 11 months. They were discontinued because the underlying market was too thin.

Why it moves

Euribor reflects what banks expect the European Central Bank to do. The ECB deposit facility rate sets the floor for overnight money, and the overnight rate €STR trades a few basis points below it. The longer the Euribor tenor, the more it prices in expected future ECB decisions. When markets anticipate cuts, the 12-month Euribor falls below the 3-month rate; when they anticipate hikes, it rises above it. The spread chart shows this over time.

Euribor and your mortgage

A variable-rate mortgage is typically priced as a Euribor tenor plus a fixed margin, for example 12-month Euribor + 1%. The rate is reset periodically, usually every six or twelve months, to the Euribor value on a reference date defined in the contract, often the previous month's average. That is why monthly averages matter as much as daily fixings: many loan contracts reference the average rather than a single day's value. See the monthly averages by year and try the mortgage calculator.

Today the 12-month Euribor stands at 3.068%. One year ago it was 2.162%.

Euribor and savings

Banks also use Euribor as a reference for deposit products and money-market funds. When Euribor is high, savings rates tend to follow with a lag; when it falls, deposit rates fall faster than loan rates. Comparing an offered savings rate with the 3- or 12-month Euribor shows how much of the market rate a bank passes on.

Euribor, €STR and the old EONIA

€STR (euro short-term rate) is the ECB's overnight benchmark, based on actual transactions reported by banks. It replaced EONIA at the start of 2022 and is the fallback rate for Euribor contracts should Euribor ever cease. Unlike Euribor it is an overnight rate, so it has no term structure. See the €STR page.

How this site gets its data

EMMI licenses Euribor commercially and publishes it free only with a one-day delay. National central banks such as the Deutsche Bundesbank and the Bank of Finland republish the delayed fixings as public statistics. This site takes the daily fixings from the Bundesbank's statistics API and the €STR and ECB policy rates from the ECB Data Portal, and rebuilds every page when a new fixing arrives. Details on the about page.