Business · Markets · 15 hrs ago
Euribor ends October at 3.239%, keeping pressure on Spanish mortgages
The Euribor ended October at 3.239%, a slight fall from September that ended three months of increases.
The index is used to set interest rates on most variable-rate mortgages in Spain.
Although it fell, it remains above 3% and higher than a year ago or six months ago, so households whose rates are being reviewed may still face increases.
For a typical mortgage reviewed once a year, the estimated payment rise is about €100 a month, or roughly €1,202 over a year.
For loans reviewed every six months, the estimated increase is about €46 a month, but the impact varies with the loan’s terms and how much remains to be repaid.
Borrowers can ask their bank to change their terms or move the loan to another lender, including to a fixed or mixed rate.
The European Central Bank’s next decisions will help shape how the Euribor moves in the coming months.
The 12-month Euribor ended October at 3.239%, slightly below September’s 3.247%.
The monthly decline ended a three-month run of increases, but the rate remained above 3% and at its highest level in more than two years.
Because the Euribor was higher than a year and six months earlier, variable-rate mortgage payments due for review are expected to rise.
Kelisto estimates that an average mortgage reviewed annually could cost about €100 more per month.
The effect on each household depends on its outstanding loan balance, interest-rate margin, remaining term and review date.
- Who
- Households in Spain with variable-rate mortgages.
- What
- The Euribor closed October at 3.239%, and mortgage payments due for review are expected to rise.
- When
- October 2026. The monthly rate was reported on 30 October.
- Where
- Spain.
- Why
- Variable mortgage rates are linked to the Euribor, which was above the levels recorded six months and a year earlier.
This story does not have two clearly opposing sides.
The Euribor rose to 2.565% after falling to 2.221% in February.
The monthly Euribor reached 3.247%.
The monthly Euribor closed at 3.239%, down 0.008 percentage points from September.
- October 2026 monthly Euribor
- 3.239%
- September 2026 monthly Euribor
- 3.247%
- October 2025 monthly Euribor
- 2.187%
- Average mortgage used in Kelisto estimate
- About €181,000 over 25 years, with a 1.15-point margin above the Euribor
- Estimated increase for annual review
- About €100 per month, or €1,202 per year
- Estimated increase for six-month review
- About €46 per month, or €278 over six months
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What people are saying
The slight fall in the Euribor in October is good news, but it is still too early to speak of a change in trend. The Euribor remains above 3%, and the European Central Bank’s decision, along with its next steps, will be decisive in determining how it may evolve in the coming months.