Mortgage rates in Spain: what buyers pay in 2026

What are mortgage rates in Spain right now?

There is no single "Spanish mortgage rate". Each bank prices each loan. But three official figures tell you what a normal offer looks like, and they are the best place to start before comparing Spanish mortgage rates.

The INE figure comes from mortgages registered in the Land Registry, so it lags the market by a couple of months. INE publishes it about eight weeks after the month ends (the June 2026 figures came out on 26 August 2026). The Banco de España figures are published monthly in the BOE and on its Portal del Cliente Bancario.

These averages are mostly for residents. Mortgage interest rates in Spain for non-residents are often somewhat higher, and the loan-to-value is lower. See our guide to the Spanish mortgage for non-residents for how much banks lend and what documents they want.

Fixed, variable or mixed: how Spain mortgage rates are set

Variable (tipo variable)

Your rate is the 12-month Euribor plus a fixed margin (diferencial), for example Euribor + 0.80%. The bank reviews it every six or twelve months, using the Euribor from a set month before the review. If Euribor rises, so does your payment. At the August 2026 Euribor of 2.954%, a Euribor + 0.80% loan would pay 3.754% at its next review.

Fixed (tipo fijo)

The same rate for the whole term. Payments never change, so you are protected if rates rise, but you pay for that certainty and early repayment compensation can be higher. In the June 2026 INE data, fixed loans averaged 2.89%, slightly below variable loans at 3.07%.

Mixed (tipo mixto)

Fixed for the first years, commonly three to ten, then Euribor plus a margin for the rest. It suits buyers who want certainty early on but expect to repay or refinance later.

What is Euribor and where to check it

Euribor is the rate at which eurozone banks lend to each other. Spanish variable mortgages almost always use the 12-month Euribor. The official monthly average is the figure your bank uses at review time, not the daily value you see in the news.

Two official places to check it:

• The BOE: at the start of each month the Banco de España publishes a resolution with the previous month's Euribor, the €STR-based rates and the five-year IRS.
• Banco de España, Portal del Cliente Bancario: a table of all official mortgage reference rates, month by month.

Euribor rose steadily through 2026, as the chart above shows. Nobody can tell you where it will go next, so work out whether you could afford the payment if it went up by one or two points.

TIN vs TAE: comparing mortgage interest rates in Spain

Every Spanish mortgage offer shows two rates:

• TIN (tipo de interés nominal): the interest rate used to calculate your monthly payment.
• TAE (tasa anual equivalente): the annual percentage rate, which adds fees and certain costs to the TIN. On a variable loan, the TAE is calculated on today's Euribor and is only an estimate (TAE variable).

Always compare the TAE. A low TIN can hide an opening fee or expensive linked products.

Bonificaciones: the linked-product discount

Spanish banks often lower the rate if you take other products, such as paying your salary into the account, life insurance, home insurance or a pension plan. Each has a cost. Ask for the offer with and without these discounts and add up the annual cost of the products. Under Ley 5/2019 the bank can require insurance on the property, but it must accept an equivalent policy from another insurer. For a non-resident, keeping your salary in the UK or US may mean you can't get some discounts at all. You will also need a Spanish bank account for the payments.

Worked example: what the rate means per month

Take a €200,000 loan over 25 years, repaid in equal monthly payments:

Each half-point adds about €50 a month, or around €15,000 over the term. That is why a few tenths off the margin are worth negotiating, and why a variable loan needs headroom in your budget.

How to get a better rate

• Put down more: a lower loan-to-value usually gets a lower margin.
• Get several quotes: spreads between banks can be large. A broker must be registered with the Banco de España or a regional authority.
• Clean paperwork: banks only lend on properties that match the Registry and Catastro. Before you apply, put the address or referencia catastral into our free property check and we'll reply by email.
• Budget for the rest: rates are one cost. See the cost of buying property in Spain for taxes and fees.

Once you have an offer, the lender must give you the binding FEIN at least 10 calendar days before signing, and the notary explains the terms to you free of charge before the deed.