Market analysis · 23 May 2026
Euribor May 2026 — what non-residents need to know for their Spanish mortgage
12-month Euribor at 2.88%, slightly rising. ECB signals for a possible rate adjustment. What that means for variable, fixed and mixed mortgages in Spain and Portugal.
Market analysis · May 2026
Where the 12-month Euribor stands now
As of early May 2026 the 12-month Euribor stands at around 2.88%. It has been rising slightly since spring 2026, after reaching its provisional low of around 2.2% in summer 2025. The ECB has recently sent clear signals that a further rate adjustment before the summer break is possible — which would feed straight through to variable Spanish mortgages.
FAQ on this article
Common questions
What is the current 12-month Euribor in May 2026?
As of early May 2026 the 12-month Euribor stands at around 2.88%. It has been rising slightly since spring 2026, after reaching its provisional low of around 2.2% in summer 2025.
Should I choose a fixed or a variable rate now?
That depends on your personal situation. A fixed rate gives planning security at currently 3.5–4.0% for 10 years. Variable is cheaper (entry around 2.8%) but carries upside risk if the ECB raises rates. Mixed (3–10 years fixed, then variable) is the most popular compromise among foreign buyers in 2026. I advise you free of charge on your specific situation.
How much equity do I need as a non-resident?
At least 30% of the purchase price plus all transaction costs (ITP, notary, around 10–13%). On a €400,000 purchase price that is roughly €160,000 of your own funds. Some banks go up to 70% loan-to-value, a few premium institutions up to 80% for very strong profiles.
Does the Euribor affect my fixed rate?
Indirectly, yes. Fixed rates are calculated by banks via swap rates, which also rise when the market expects higher rates. A rising Euribor makes fixed rates more expensive too — but with less direct effect than on variable loans.
What does this mean for my 2026 buying decision?
Anyone buying and financing in 2026 should look at the mixed mortgage — 5–10 years fixed gives protection against further ECB increases, with flexibility afterwards. Variable mortgages suit buyers with a high equity ratio and headroom for payment rises. A fixed rate pays off with a long horizon and a wish for complete planning security.
Personal advice
Questions on this topic? Free and without obligation — write to me, or book a 30-minute call.