Euribor July 2026: what the rate picture means for your Spanish mortgage
The ECB raised rates in June for the first time in almost three years — yet the Euribor, the reference for nearly all variable mortgages in Spain, still edged lower.
Where things stand
On 11 June 2026 the ECB raised key rates by 0.25 percentage points (effective 17 June; deposit facility 2.25%). The 12-month Euribor, the reference for variable mortgages in Spain, stood at 2.76% on the first trading day of June — slightly below the roughly 2.88% seen at the start of May. The strong spring rise did not continue; long-term euro-area capital-market yields also eased, as oil fell after the Middle East ceasefire and markets priced out part of the expected further ECB tightening.
As of early July 2026: 12-month Euribor around 2.76% (start-of-month reading). The next ECB meeting is on 23 July 2026 — a further hike is possible but no longer firmly priced in.
What this means for your mortgage
- Variable mortgage: instalment = Euribor plus a fixed margin (diferencial), usually reset annually. If your review is due, the Euribor is higher than a year ago — but the recent short-term move has been sideways rather than clearly up.
- Fixed mortgage: the rate stays the same for the whole term — planning certainty for a slightly higher starting rate. Still attractive for many non-residents who intend to hold long term.
- Mixed mortgage (mixta): a fixed phase followed by a variable one — it cushions short-term swings.
For non-residents, Spanish banks typically finance 60–70% of the purchase price; the margin over Euribor is often somewhat higher than for residents. Which model fits depends on your holding period, income and risk appetite. We do not issue a market forecast as a recommendation — we compare fixed, variable and mixed offers from Spanish and German banks and put the instalments side by side.
Frequently asked questions
Will my variable Spanish mortgage rise immediately because the ECB hiked?
Is a fixed mortgage worth it now?
How much do Spanish banks finance for non-residents?
Personal advice
I compare fixed, variable and mixed offers for your Spanish or Portuguese financing and put the instalments side by side. First consultation without obligation.