Perini Finance & Property §34i GewO · Mortgages in Spain & Portugal
Market commentary · June 2026

Euribor June 2026: the ECB rate turn and your Spanish mortgage

On 11 June 2026 the European Central Bank raised rates for the first time in almost three years. For buyers in Spain and Portugal that changes the maths — above all on variable mortgages.

What happened in June 2026

On 11 June 2026 the ECB raised its key rate by 0.25 percentage points to 2.25%. It is the first increase after a long phase of cuts and standstill. The trigger is rising inflation in the euro area again.

The Euribor, the reference for almost all variable mortgages in Spain, reacts directly: the 12-month Euribor stands at around 2.82% on a monthly average in June — the third month in a row trending upward. May closed at 2.80%; a year ago the average was still 2.08%.

What this means for your mortgage

What matters is which mortgage type you have or are planning:

  • Variable mortgage: the payment is made up of Euribor plus a fixed margin (diferencial) and is usually adjusted annually. If the Euribor rises, your payment rises at the next adjustment. If a revision is due, expect a higher monthly payment.
  • Fixed mortgage: the rate stays the same over the whole term, regardless of the Euribor. With an upward trend that brings planning security — the price for it is a somewhat higher starting rate than variable offers.
  • Mixed mortgage (mixta): a fixed phase first, then variable. It cushions short-term swings without committing permanently.

For non-residents there is an added factor: Spanish banks usually finance 60–70% of the purchase price and assess income more strictly. The margin on top of the Euribor is often a little higher than for residents. Which model fits depends on your holding period, your income and your risk appetite.

Fixed or variable — decide now?

There is no reliable rate forecast. Some analysts expect the Euribor to hold within a range, others reckon with further upward pressure. The ECB has not ruled out further steps.

We do not issue a market forecast as a recommendation. We compare fixed, variable and mixed offers from Spanish and German banks for your situation and put the payments side by side — so you decide on the basis of numbers, not on the basis of a guess.

FAQ on this article

Common questions

Will my variable Spanish mortgage rise immediately now?
Not immediately. The payment only changes at the next contractually agreed adjustment — usually annually. What counts is the Euribor monthly average on the adjustment date, not the daily value. But if your revision is due, the payment can rise noticeably.
Is a fixed mortgage worth it with a rising Euribor?
A fixed mortgage brings planning security but usually costs a little more in interest at the start. Whether it pays off depends on your holding period and how rates develop. We compare both options against your specific financing.
Can I get a Spanish mortgage at all as a non-resident?
Yes. Spanish banks finance non-residents, usually up to 60–70% of the purchase price. You need an NIE, proof of income and, depending on the bank, further documents. Through my network I compare which bank finances your situation and on what terms.

Personal advice

I compare fixed, variable and mixed offers for your Spain or Portugal financing and put the payments side by side. First call without obligation.

Further reading

More on the topic

Market commentary

Euribor May 2026 — Spanish mortgage

The picture before the ECB rate turn, for comparison.

Read more → Market analysis

Spain 2026: €6.39 bn investment volume

Why Spain stays No. 1 in Southern Europe.

Read more → Overview

All articles

Market reports and Euribor commentary on the blog.

To the blog →