Mortgage rates in Spain 2026: current rates and choosing the best deal

The mortgage market in 2026 is at an interesting turning point: Euribor has come down from its 4% highs of 2023, fixed-rate mortgages have regained their appeal, and competition between banks is intense. If you're looking for a mortgage for the first time or thinking about renegotiating, now is the time to get a good grasp of the landscape.

Euribor in 2026 and its impact

12-month Euribor stood at 3.239% in October 2026, according to the Banco de España (the Bank of Spain), after the 4.2% highs of late 2023. This fall has significantly eased repayments on variable-rate mortgages: the repayment on a €200,000 mortgage over 30 years at Euribor + 0.9% is now around €110 a month lower than at the 2023 peak.

Fixed vs variable mortgages in 2026

With Euribor rising again (1.052 points higher than a year earlier, according to the Banco de España), variable-rate mortgages have become more expensive. Fixed rates over 20-25 years stand at 3.0-3.5%, while variable rates are offered at Euribor + 0.5-0.9%. If Euribor goes back below 2.5-3%, the variable rate works out cheaper.

The best terms in 2026

The most competitive fixed-rate mortgages: Openbank, Bankinter and MyInvestor, from 2.8% over 20 years for creditworthy borrowers. The most competitive variable rates: Openbank, at Euribor + 0.50-0.60%. Mixed-rate: Santander, BBVA and CaixaBank, with a fixed rate for 10 years and variable afterwards.

When it's worth renegotiating or switching

If you have a mortgage signed in 2022-2023 at a high fixed rate (3.5-4.5%), moving it to another bank (subrogación, transferring the loan to a new lender) can save you thousands of euros. The costs (notary, Land Registry) are usually recouped within 2-3 years of savings on the repayment.

Work out your ideal mortgage: Use RadarPro to estimate the repayment on any asset in its database with current market rates.