Mortgage rates Spain: what fixed, variable and mixed actually cost right now
Mortgage rates Spain publishes online are often stale or apply only to residents. Here are the ranges from our own current bank survey — with and without the discounted (bonificado) rate — checked 07.09.2026.
In short
Fixed, variable or mixed?
Fixed gives full payment certainty, variable tracks Euríbor with no ceiling, and mixed combines a fixed initial period with a variable rate afterwards — currently the most-chosen structure.
What does the Spanish mortgage term "bonificado" mean?
A discounted rate in exchange for bundled products (current account, insurance) — worth up to about one percentage point. Weigh the products' running costs before you sign.
Residents vs non-residents?
The published ranges start the same, but non-residents typically get a lower loan-to-value (around 70% versus up to 80%) and a margin that depends on their profile.
What are current Spanish mortgage rates for non-residents?
From our own bank survey (checked 20.07.2026, reviewed quarterly): discounted fixed rates run 2.1 to 3.2 per cent, undiscounted fixed 2.6 to 3.9 per cent. Variable mortgages add a margin of 0.25 to 0.9 per cent on top of the Euribor 12M reference, currently 2.75 per cent. Mixed-rate mortgages carry a surcharge of 0.1 to 0.3 per cent over the fixed rate for the initial fixed period. The discount depends on bundling products such as a current account, life insurance and buildings insurance with the bank — those products carry their own running costs, which can offset part of the saving. Which combination is worthwhile depends on your situation: someone who needs the bundled products anyway benefits more than someone taking them only for the discount. We model both scenarios for you before you sign.
Current rate ranges by structure
| Structure | Discounted (bonificado) | Standard (no discount) |
|---|---|---|
| Fixed (fija) | 2.50 %–3.20 % | 3.50 %–4.20 % |
| Variable margin over Euríbor 12M | 0.25 %–0.9 % | — |
| Mixed (mixta), surcharge vs. fixed | 0.1 %–0.3 % | — |
Source: Perini’s own bank survey (as at September 2026); 12-month Euríbor: Banco de España / EMMI. Checked 07.09.2026, reviewed quarterly as rates and Euríbor move. Individual quotes depend on creditworthiness, property and bank.
What the bonificación discount actually costs
The bundled products carry running costs that can partly or fully offset the rate discount. Whether the bonificación pays off depends on what those products cost in your case — we calculate that against the discount before you sign.
Typical bundled products: current account with the bank, life insurance, buildings insurance, sometimes an alarm system — typically two to four, depending on the bank.
Frequently asked
What is Euribor?
What is the current Euríbor 12M, and why does it matter?
What does "bonificado" mean for the rate I actually pay?
Fixed, variable or mixed — which is right for a non-resident?
Are rates the same for residents and non-residents?
Your actual rate, not a website average
I compare current offers across banks in Spain and Portugal for your specific case — including whether the bonificación is worth it for you.
Related: Mixed-rate mortgage explained · Non-resident mortgage requirements · Euribor: how it is made · all info pages