Euribor closes September at 3.247%, its highest level in two years: the October review raises the average mortgage payment by around €100 a month

10/10/2026 – ⏱ 5 min

This article is for informational purposes only and does not constitute, under any circumstances, an investment recommendation or financial advice.

The index that sets the payment on most variable-rate mortgages in Spain closed September 2026 at 3.247%, according to Bank of Spain data reported by the financial press. It is the first monthly average above 3% since 2024 and the highest level in two years. The figure comes after the European Central Bank's 25 basis point increase in official interest rates and with inflation at 4.9% in September, according to the INE flash estimate. It sets the reviews of a large share of the mortgages that are updated in October and November.

The figure: from 2.954% in August to 3.247% in September

Twelve-month Euribor averaged 2.954% in August 2026 and 3.247% in September, a rise of almost three tenths of a point in a single month. Year on year, the September 2025 reference was 2.172%, so the index stands 1.075 percentage points higher. The daily figure touched 3.374% on 17 September, a level not seen since the summer of 2024. The value applied to mortgages is not the rate on any particular day but the arithmetic mean of all the month's sessions, which the Bank of Spain publishes a few days after the month ends.

Why it has risen: official rates and inflation

On 10 September the ECB Governing Council decided to raise its three official interest rates by 25 basis points, effective from 16 September: the deposit facility rate stood at 2.50%, the main refinancing operations rate at 2.65% and the marginal lending facility rate at 2.90%. It is the second increase of the year, after the one in June. The institution linked the decision to inflationary pressures stemming from the conflict in the Middle East. According to reports published this week on the minutes of that meeting, the Council maintains a restrictive bias, does not rule out further increases and is monitoring both demand and wage developments to avoid second-round effects. Added to this is the September flash CPI of 4.9%, six tenths above the August figure and the highest rate since 2023.

How the review is calculated and what it amounts to

The payment on a variable-rate mortgage is recalculated by adding the spread agreed with the bank to Euribor. If the reference index is higher than at the previous review, the payment rises; if it is lower, it falls. Many lenders use the index published one or two months before the review date, so the September figure is usually applied in October or November. In an annual review, the comparison is between 2.172% in September 2025 and 3.247% in September 2026.

An illustrative example with the average mortgage signed in July 2026, of €180,785 according to the INE, over 26 years and with a spread of 0.608%: the rate would go from 2.780% to 3.855%, and the monthly payment would increase by around €100, that is, some €1,200 more per year. Other published estimates put the increase at about €102 a month for a €150,000 loan over 25 years. The actual amount depends on the outstanding principal, the remaining term and the spread of each contract, so these figures are indicative. Mortgages with six-monthly reviews have already absorbed part of the rise over the summer and will be updated again in March 2027.

Who is affected and who is not

The impact is concentrated on variable-rate loans. According to the INE, 37.7% of home mortgages signed in July 2026 were at a variable rate, so a significant share of new transactions falls outside periodic review. Fixed-rate mortgages do not change their payment, nor do mixed-rate mortgages while they remain in their fixed period, although they will move to a higher variable reference when that period ends. For his part, the Governor of the Bank of Spain, José Luis Escrivá, has ruled out containment measures on variable-rate mortgages for the time being, according to the specialist press.

What could happen in the coming weeks

The first October quotes are hovering around 3.2%, somewhat below September's daily high, and analysts cite the ECB's upcoming meetings in October and December as the factors that will determine whether the index stabilises, keeps rising or falls back. Any projection of Euribor's path is subject to a high degree of uncertainty, as it depends on inflation, energy prices and monetary policy decisions.

Why this matters to the real estate investor

The cost of financing is one of the variables that link interest rates to the housing market. A higher Euribor makes payments more expensive for households with variable-rate mortgages, reduces new buyers' borrowing capacity and raises the cost of debt for developers and owners who finance their activity with loans referenced to the index. At the same time, interest rates influence comparisons between assets: when fixed-income products offer higher returns, the return required of other investment alternatives tends to be revised. This relationship is a description of the mechanism, not a prediction about the evolution of house prices or of any specific asset.

In rising-rate cycles, some private capital has explored ways of gaining exposure to real estate other than a direct purchase financed with a mortgage, including regulated crowdfunding formats. This is an observed dynamic, not a recommendation. At European level, the activity of crowdfunding platforms is governed by Regulation (EU) 2020/1503 and, in Spain, by the implementing rules and the supervision of the CNMV.

Takeaways for the investor

These figures should be handled with caution. The various sources consulted differ by tenths or thousandths depending on the cut-off date and rounding (between 3.243% and 3.251%), so the final figure should be checked against the Bank of Spain's official publication. The payment amounts are estimates based on simplified assumptions and do not replace the calculation made by the lender. Past results do not anticipate future results, and all real estate investment carries risks of illiquidity, default and total or partial loss of capital.

Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.