Spanish mortgage rates, made clear.
Live Euribor, what banks are offering on fixed, variable and mixed mortgages, and where rates are heading. Built and updated by our regulated mortgage desk.
12-month Euribor
The reference rate Spanish banks use to price variable and mixed mortgages.
Current Euribor rates
The reference rates used by Spanish banks to price variable and mixed mortgages. Most Spanish mortgages are pegged to the 12-month Euribor.
Mortgage reference
Where Spanish mortgage rates are heading
A monthly read from our lender desk on what is actually happening with Spanish mortgage pricing right now, not just where Euribor sits.
12-month Euribor is sitting near 2.8% this month, well below the 4% peak from late 2023. Spanish lenders are competing harder than they have in three years.
The downward path through 2024 and 2025 tracked the European Central Bank's rate-cutting cycle as Eurozone inflation eased back toward the 2% target. Forward markets currently price the ECB to hold or trim further into late 2026, with most forecasts placing 12-month Euribor between 2.3% and 2.8% over the next twelve months.
For Spanish banks, a slower transaction market means they are sharpening their fixed-rate offers in particular. Some banks are pushing mixed products hard on headline rate, though the mixed offers we can actually secure rarely beat a straight fixed. See our note below.
For international buyers, the practical takeaway: fixed offers are at their most competitive in three years, and variable suits buyers who expect Euribor to keep drifting down. The right choice depends on how long you intend to hold the property and how much payment movement you can accept.
What you can actually get today
Through our lender desk, well-qualified international buyers are currently securing fixed rates from 2.85% and variable from Euribor + 0.85 (about 3.65% today), the same pricing for residents and non-residents. Mixed sits around 4% for the fixed period, then Euribor + 1.6. These are real example rates negotiated by our desk, not advertised teaser rates. They are indicative, not an offer: the rate a bank offers you depends on your income, residency, deposit and the property. As a Bank of Spain registered intermediary (D470) we compare the lender panel and negotiate your actual terms.
What about mixed mortgages? A mixed mortgage gives you a fixed period first, then moves to Euribor. That suits some buyers: certainty early on, then the chance to benefit if rates fall. The issue is not the product, it is the pricing. Very few Spanish lenders price mixed keenly, and the offers we can currently source rarely beat a straight fixed from 2.85%, so we seldom recommend one for well-qualified buyers. Mixed does have a place on tougher files, where it can secure an approval when fixed pricing is out of reach. If lender pricing improves, we will update this page.
Fixed, mixed or variable?
Spanish lenders offer three product types. The right one depends on how long you'll hold the property and how much rate movement you can accept.
One locked rate, end to end
Your interest rate is set from day one and never changes, typically over 15 to 30 years. Your monthly payment is the same in year one as it is in year twenty. You pay a small premium for that certainty, but your budget is locked.
Buyers who want a known monthly cost and plan to hold the property long term.
Fixed first, variable later
You get a fixed rate for an initial period (usually 5 or 10 years), then the loan switches to a variable rate (Euribor plus a margin) for the rest of the term. In theory the bank prices that fixed period more keenly in exchange for you taking the rate risk later. In practice, few Spanish lenders are pricing mixed keenly at the moment.
Buyers who want certainty for the first few years and can accept rate movement later.
Tracks Euribor, resets annually
Your rate is Euribor plus a fixed margin (typically 0.75 to 1.25%), reset once a year. Most banks offer a low teaser rate for year one, then it tracks Euribor. Your monthly payment moves up or down each year depending on where Euribor sits at the reset.
Buyers who expect Euribor to drift down, can absorb payment changes, or want maximum flexibility.
Not sure which fits? Our team will tell you based on your situation.
Run the numbers on your mortgage
Adjust the loan amount, term and rate to see your monthly payment based on the rates above.
Monthly payment
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Estimate only. This is a calculator, not a mortgage offer, and the interest rate is a figure you choose. Foxes is a credit intermediary registered with the Bank of Spain (D470), not a lender. Your actual rate and monthly payment are set by the lender, and variable rates can rise as well as fall.
Want monthly payment, total cost and Spanish purchase fees all in one view? Try our full calculator.
Open the full calculatorThe rate that moves Spanish mortgages
What it is, how it touches your mortgage, how it is calculated, and how it has moved over the past decade.
What it is
The Euro Interbank Offered Rate is the benchmark rate at which major European banks lend to each other. It is calculated daily from real interbank transactions and published in different maturities, from 1 week up to 12 months.
How it touches your mortgage
If you take a variable or mixed Spanish mortgage, your rate is built as Euribor plus a fixed margin (the bank's spread, typically 0.75 to 1.25%). When Euribor moves, your rate moves at the next annual reset.
If you take a fixed mortgage, Euribor does not directly change your monthly payment. It does still shape the headline rates banks offer to new fixed-mortgage customers, because banks price fixed products against where they think Euribor will be over the next few years.
Why the 12-month rate matters most
Spanish lenders use the 12-month Euribor as the reference for almost every variable and mixed residential mortgage. The 1-week, 1-month, 3-month and 6-month rates exist for shorter-term interbank lending and rarely feature in Spanish home loans. When you hear "Euribor went up," it almost always means the 12-month figure.
The short history
Euribor was launched alongside the euro currency. It has been the dominant euro-area benchmark ever since, surviving multiple methodology overhauls aimed at making the rate harder to manipulate and closer to actual bank transactions.
- 1999 Launch. Euribor is introduced on the same day as the euro, providing a single euro-area reference rate from 1 week to 12 months.
- 2008-12 Financial crisis. Interbank lending nearly seizes up. Confidence in submitted quotes erodes, leading to calls for reform.
- 2013 Regulation. Stricter governance is introduced after a series of benchmark manipulation scandals across LIBOR and Euribor panels.
- 2019 Hybrid methodology. Euribor moves to a transaction-based hybrid model, anchoring the rate in real interbank trades rather than estimates.
- 2022-23 Hiking cycle. 12-month Euribor moves from below zero to a peak around 4% as the ECB raises rates to fight Eurozone inflation.
How it is calculated
A panel of around 19 major European banks submits the rates they would pay to borrow unsecured funds from another bank. The European Money Markets Institute publishes the result every business day at 11:00 CET.
- Panel banks submit. Each panel bank submits the rate it would pay for unsecured funds, based on real transaction data where available.
- Outliers are trimmed. The highest 15% and lowest 15% of submissions are discarded, removing any extreme outliers.
- The average is published. The remaining quotes are averaged, and the result is published as Euribor for each maturity (1W, 1M, 3M, 6M, 12M).
12-month Euribor, last decade
From negative territory through 2016-21, to a sharp climb in 2022-23 during the ECB's hiking cycle, and a steady decline since 2024 as inflation eased.
12-month Euribor · monthly averages
What buyers ask us about rates
The questions our team gets most often about Spanish mortgage pricing.
See all 100+ FAQs
Why does my Spanish mortgage rate change?
If you have a variable or mixed mortgage, your rate is built as Euribor plus a fixed margin. Once a year, the bank looks at where Euribor sits and resets your rate for the next 12 months. Your payment moves up or down accordingly. Fixed mortgages do not change for the full term.
What is the difference between TIN and TAE?
TIN (Tipo de Interes Nominal) is the headline interest rate the bank applies to your loan. TAE (Tasa Anual Equivalente) includes the TIN plus all mandatory fees and charges, so it represents the real annual cost of the mortgage.
Spanish law requires lenders to display TAE as prominently as TIN. TAE will always be the higher number. When comparing offers, compare TAEs, not TINs.
How much can I borrow in Spain?
Spanish lenders typically cap your total monthly outgoings (mortgage plus other loans) at 40% of your net monthly income. So if you take home EUR 5,000 net, your maximum total monthly payments are around EUR 2,000, minus any existing debts.
Our in-house team can run the numbers for you against specific Spanish banks. Try risk assessment for an indicative figure in 60 seconds.
What is the maximum LTV?
Up to 70% of the property value for non-residents, and up to 80% for Spanish residents. The bank uses the lower of the bank valuation or the purchase price.
Does age affect the loan period?
Most Spanish banks require the mortgage to be paid off by the time you turn 75 to 80. If you are 60, that caps your maximum term at around 15 to 20 years. Younger applicants can take terms up to 40 years.
Is there a fee to find out what I can borrow?
No. We do not charge to assess your situation, find the right lender, or secure a formal mortgage offer. Our fee is only payable once a bank issues you a formal offer that you choose to accept.