What are Spanish mortgage rates in September 2026?
Official 12-month Euribor stands at 2.954% for August 2026. Non-resident buyers in Spain are being quoted 2.80% – 3.90% on fixed products, 3.85%–4.70% all-in on variable products, and 2.50% – 3.40% on the initial fixed period of a mixed product.
- Euribor moved +0.099 points on July 2026.
- Variable mortgages reset once a year against the official monthly average, not the daily rate.
- Most non-residents still choose fixed, to remove index risk on income earned abroad.
Key takeaways
- Official 12-month Euribor for August 2026: 2.954% (+0.099 on the month).
- That is +0.782 points against September 2025, so annual resets are increasing payments.
- Non-resident fixed rates on our panel: 2.80% – 3.90% over 10–25 years.
- Variable pricing: Euribor plus 0.90% – 1.75%, so 3.85%–4.70% all-in today.
- Non-residents typically pay 0.20% – 0.50% more than an equivalent Spanish resident file.
- Mixta is now the default starting offer across much of the Spanish market, but the Euribor reversion margin determines its longer-term risk.
Official Euribor: August 2026
Spanish variable mortgages are reset against the official monthly average of 12-month Euribor, published by the Banco de España in the Boletín Oficial del Estado. That published average — not the daily market rate — is the figure your bank must use at review.
| Month | Official 12-month Euribor | Change on previous month |
|---|---|---|
| August 2026 | 2.954% | +0.099 |
| July 2026 | 2.855% | +0.057 |
| June 2026 | 2.798% | −0.006 |
| May 2026 | 2.804% | +0.057 |
| April 2026 | 2.747% | +0.182 |
| March 2026 | 2.565% | +0.344 |
| February 2026 | 2.221% | −0.024 |
| January 2026 | 2.245% | −0.022 |
| December 2025 | 2.267% | +0.050 |
| November 2025 | 2.217% | +0.030 |
| October 2025 | 2.187% | +0.015 |
| September 2025 | 2.172% | — |
Source: Banco de España — official mortgage market reference rates, published in the Boletín Oficial del Estado. Latest figure published 2 September 2026. Official public-sector information, reproduced with attribution.
Non-resident pricing on our Spanish panel — reviewed July 2026
| Product | Indicative rate | Who it suits |
|---|---|---|
| Fixed, 10–25 years | 2.80% – 3.90% | Long holds and income earned outside the euro |
| Variable (Euribor + margin) | Euribor + 0.90% – 1.75% = 3.85%–4.70% | Short expected hold or a defined repayment event |
| Mixed (fixed 3/5/10 years, then variable) | 2.50% – 3.40% initial | Buyers expecting to sell or refinance inside the fixed period |
| Non-resident premium vs a resident file | 0.20% – 0.50% | Reflects lower loan-to-value caps and offshore income checks |
Indicative non-resident pricing from Clifton International's Spanish lender panel, reviewed July 2026. Not a rate offer.
Mixta is now the standard starting offer from many Spanish lenders. Read our full mixta mortgage comparison to understand the initial fixed period, Euribor reversion and tied-product costs.
What that costs a month
Capital-and-interest repayments over 20 years at this month's pricing. Illustration only — not a quotation.
| Loan | Fixed at 2.80% | Fixed at 3.90% | Variable at 4.70% |
|---|---|---|---|
| €300,000 | €1,634 | €1,802 | €1,931 |
| €500,000 | €2,723 | €3,004 | €3,219 |
| €750,000 | €4,085 | €4,505 | €4,828 |
| €1,000,000 | €5,446 | €6,007 | €6,437 |
Model your own figures with the Spanish mortgage calculator, or follow the index between snapshots on the Euribor rate tracker.
What changed this month
Euribor is +0.099 points on July 2026 and +0.782 points on September 2025. For a borrower whose annual review falls this month, that means a payment increase of roughly €120 a month on a €300,000 balance over a remaining 20-year term. Fixed pricing on our panel has moved far less than the index: lenders price fixed products off longer swap rates, which have been steadier than the 12-month fixing, and competition for prime non-resident files remains strong. Where a mixed product is available, the initial period is currently the cheapest headline rate on the table — but only worth taking if you genuinely expect to sell or refinance before it ends.
How we compile this snapshot
The Euribor figures are the official monthly averages published by the Banco de España in the Boletín Oficial del Estado — public-sector information reproduced with attribution. We do not republish licensed daily benchmark fixings. The pricing bands are our own: indicative terms quoted to non-resident borrowers by retail Spanish banks and international private banks on Clifton's Spanish panel, reviewed July 2026. Bands are not an offer of finance; the rate on an individual file depends on residency, income profile, loan-to-value, term and asset type.
Frequently asked
Questions from readers
What is the current Euribor rate for Spanish mortgages?
The official 12-month Euribor average for August 2026 is 2.954%, published by the Banco de España in the Boletín Oficial del Estado on 2 September 2026. It was 2.855% in July 2026 and 2.172% in September 2025.
What mortgage rate can a non-resident get in Spain right now?
Non-resident buyers on our panel are quoted 2.80% – 3.90% fixed over 10–25 years, or Euribor plus 0.90% – 1.75% on a variable product — 3.85% to 4.70% all-in at this month's index. Expect 0.20% – 0.50% more than an equivalent resident file.
Which Euribor figure does my Spanish bank use at review?
The official monthly average published in the BOE, not the daily market rate. Most Spanish variable mortgages reset once a year using the figure published shortly before the review date, so a movement today typically feeds into payments some months later.
Is it better to fix or go variable in Spain this month?
With Euribor at 2.954%, the fixed band of 2.80% – 3.90% sits below or close to the all-in variable range of 3.85% to 4.70%. Most non-residents fix, because it removes index risk on income earned in another currency. Variable suits a short hold with a clear repayment event.
How often is this page updated?
Monthly, on the first working day, once the Banco de España resolution carrying the previous month's official Euribor average is published in the BOE. Panel pricing bands are reviewed alongside it.
Are these rates an offer of finance?
No. They are indicative bands compiled from live lender quotes for non-resident borrowers. Your rate depends on residency, income, loan-to-value, term and asset type, and is only confirmed in a written lender offer.