Live rate reference
Euribor rate tracker for Spanish mortgages
Almost every variable Spanish mortgage is priced against 12-month Euribor. This page carries the reading we are working from, the margin lenders on our panel are adding for non-residents, and what that means for a monthly payment — each with the date it was checked.
12-month Euribor 2.954% as at — higher than September 2025.
What is the current Euribor rate and what does it mean for a Spanish mortgage?
12-month Euribor is 2.954% as at August 2026. Spanish variable mortgages are priced at Euribor plus a lender margin, typically 0.90% – 1.75% for non-residents, giving an indicative all-in rate of 3.85% to 4.70% today.
- Fixed non-resident products are currently quoted at 2.80% – 3.90%.
- Variable Spanish mortgages usually reset once a year against the 12-month fixing.
- The reading is above its level in September 2025.
- Euribor moves the index, not the margin — the margin is fixed for the life of most Spanish loans.
Last updated Euribor reading sourced from Banco de España — official mortgage market reference rates, published in the Boletín Oficial del Estado. Pricing bands reviewed July 2026.
Rate reference
12-month Euribor
2.954%
Monthly average for
0.78 points higher than September 2025 (2.172%)
Typical non-resident margin
+0.90% – 1.75%
The differencial your lender adds to Euribor on a variable product, before bonificaciones.
Implied variable rate today
3.85% – 4.70%
Euribor plus margin, before any bonificaciones discount. Illustrative, not an offer of finance.
Official monthly Euribor average published by the Banco de España — official mortgage market reference rates, published in the Boletín Oficial del Estado. Margins and bands on this page were last reviewed by our Spanish finance team in July 2026. The monthly average changes once a month; the rate on any individual file depends on residency, income profile, loan-to-value, term and asset type.
What it costs today
Indicative monthly payments at today's reading
Capital-and-interest repayments over 20 years, using the indicative all-in variable rate range above and the current fixed band. Illustration only — not a quotation.
| Loan amount | Variable at 3.85% | Variable at 4.70% | Fixed at 3.90% |
|---|---|---|---|
| €300,000 | €1,795 | €1,931 | €1,802 |
| €500,000 | €2,992 | €3,219 | €3,004 |
| €750,000 | €4,487 | €4,828 | €4,505 |
| €1,000,000 | €5,983 | €6,437 | €6,007 |
Indicative non-resident pricing from Clifton International's Spanish lender panel, reviewed July 2026. Not a rate offer.
Published bands
Spanish mortgage rate bands for non-residents (reviewed July 2026)
Spanish mortgage rate bands for non-residents (reviewed July 2026)
- 12-month Euribor reference reading
- 2.954%Official monthly average of 12-month Euribor published by the Banco de España — official mortgage market reference rates, published in the Boletín Oficial del Estado, for August 2026. The reference Spanish variable mortgages reset against.
- Fixed rate — non-resident
- 2.80% – 3.90%Nominal fixed rate (TIN) on 10–25 year non-resident products. Prime private-bank files price at the lower bound or below.
- Mixed product initial period — non-resident
- 2.50% – 3.40%Fixed initial period of 3, 5 or 10 years on a mixed (tipo mixto) product, reverting afterwards to 12-month Euribor plus the lender margin.
- Variable lender margin (differencial) over 12-month Euribor
- 0.90% – 1.75%Margin added to 12-month Euribor on variable non-resident products, resetting every 6 or 12 months. Bonificaciones can reduce the margin further.
- Non-resident premium over resident pricing
- 0.20% – 0.50%Typical uplift a non-resident file carries over an equivalent Spanish-resident file on the same lender and profile.
- Calculator default rate
- 3.35%Mid-point of the published non-resident fixed band (2.80% – 3.90%), used as the starting rate in the Spanish mortgage calculator.
Indicative non-resident pricing from Clifton International's Spanish lender panel, reviewed July 2026. Not a rate offer. How we compile these figures.
How to read it
Euribor questions we are asked most
What is 12-month Euribor?
It is the benchmark rate at which European banks lend to one another over twelve months, published daily by the European Money Markets Institute. It is the index almost every Spanish variable mortgage is priced against.
How often does my Spanish mortgage rate change?
Most Spanish variable mortgages reset once a year, using the Euribor fixing published shortly before the review date. Some reset every six months against the 6-month index.
Does a falling Euribor reduce my payment straight away?
No. The change applies at your next annual review, using the fixing at that point, so a move today typically feeds into payments some months later.
Should a non-resident take fixed or variable in Spain?
Most non-residents take fixed, because it removes index risk on income earned in another currency. Variable and mixed products suit borrowers with a short expected hold or a defined repayment event.
Is the margin negotiable?
Sometimes. The margin is set on loan-to-value, profile and any linked products taken with the lender. It is fixed for the life of the loan once agreed, which is why it matters more than the index on day one.
Next step
Check today's pricing against your file.
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