Understanding Spanish Mortgage Interest Rates in 2026
Learn How Rates Work, What Affects Your Rate & How to Compare Offers
Current Average Spanish Mortgage Rate Ranges in 2026
Rates dropped through 2024-2025 and are still heading down. Here's what most buyers are seeing today depending on their situation.
FIXED RATE
Lock it in, forget about it
NON-RESIDENTS
2.15% - 3.5%
Best for:
People who like knowing exactly what they'll pay every month.
VARIABLE RATE
Goes up and down with market
TODAY’S RATE
Euribor + 1.5%
Best for:
People expecting rates to keep falling.
MIXED RATE
Locked for X years, then flex
FIRST 3-5 YEARS
2.1% - 3.0%
Then it switches to variable
Best for:
People who want both stability and flexibility.
These are typical ranges. Your rate depends on your deposit, where you live, the property, and a few other things we'll explain below.
Choosing Your Rate Type: Fixed, Variable or Mixed?
There's no "right" answer - it depends on your situation and how you feel about risk. Here's how to think about it:
Your rate stays the same for the entire mortgage. Whether European rates go up or down, your monthly payment never changes
- You know exactly what you'll pay
- No surprises if rates shoot up
- Easy budgeting
- More security
- Starts 0.3-0.7% higher than variable
- If rates drop, you don't benefit
- Can cost more to pay off early
These are typical ranges. Your rate depends on your deposit, where you live, the property, and a few other things we'll explain below.
Your rate follows European interest rates (called "Euribor"). Usually, once a year, your bank recalculates and your payment goes up or down.
- Starts lower than fixed
- If European rates drop, so does your payment
- Cheaper to pay off early
- Your payment can increase
- Harder to budget long-term
- Bit of a gamble on where rates go
People who think rates will keep falling, or who plan to sell/refinance in 5-7 years.
You get a fixed rate for the first 3-5 years. After that, it switches to variable. Like training wheels you remove later.
- Initial certainty for 3-5 years
- Lower starting rate than full fixed
- Flexibility after fixed period
- Uncertainty after fixed period ends
- Rate could be higher when it switches,
- More complex to understand
People who want initial stability but may sell, refinance, or pay off within 5-10 years.
Not sure which rate fits you?
Spanish mortgage products can be confusing, especially if you’re buying from abroad. Tell us a bit about your plans and we’ll recommend the rate structure that makes the most sense for you. No generic estimates, real offers from real banks.
Get your rate recommendationUnderstanding the Euribor
If you're looking at variable rates, you'll hear "Euribor" a million times. Don't worry - it sounds complicated but it's actually simple. Here's what it means for your mortgage:
Euribor 101
RIGHT NOW (FEBRUARY 2026)
How it affects you
6 Things that change your Rate
Think of your rate like a recipe: different ingredients make different results. Here are the main things that make your rate higher or lower.
Your Deposit
Where you live
Property Location
Job Situation
Loan Duration
Your Age
Why People use a Broker?
You could absolutely call banks yourself. But here's what usually happens - and why most non-residents end up coming to us after trying the DIY route first.
The DIY path
Week 1: Call 3 Banks
Week 2: Paperwork Hell
Week 4: Frustration
The Broker path
Day 1: One call with us
Day 3: We do the work
Week 2: You get options
Ready to make the right decision?
Get in touch with us and we guarantee a better rate, a stress free process and your property secured.
Frequently Asked Questions
Common questions about mortgage rates in Spain.
Fixed rates: 2.15-3.5%. Variable rates: Euribor (currently 2.735%) + 0.70-1.25% spread depending on profile.
It depends obviously on the political situation worldwide but for now the trend is expected to, at least, stay the same for now.
Depends on your risk tolerance and rate expectations. If you believe Euribor will drop to 2.0% or lower, variable could save money. If you prefer certainty, fixed or mixed (10y fixed period) locks in current levels.
Yes. Typical cost: 0.5% of remaining principal + new opening fees. Worth it if rates have risen significantly.
Higher perceived risk: income abroad, limited Spanish banking relationship, secondary residence (higher default rates), FATCA complexity (US citizens).
Euro Interbank Offered Rate - the benchmark for variable mortgages. Your variable rate = Euribor + bank spread. When Euribor changes, your payment changes (reviewed annually or semi-annually).
Yes! Bring competing offers, consider bundling products (insurance), optimize your LTV, and demonstrate strong financials. Brokers typically negotiate better than individuals.
TIN = nominal interest rate (just the rate). TAE = total annual cost including interest + fees. Always compare TAE between offers.
Typically 3 months. If your purchase takes longer, you may need to re-apply at current rates (could be better or worse).
Sometimes. The currency risk together with document complexity can increase the rate at some lenders. Not all lenders differentiate. Check out more information about US Citizens.
Fixed rate for X years (typically 3-5), then switches to variable. Offers initial certainty with later flexibility.
Yes, most mortgages allow partial early repayment. Penalty: typically 0.15-2% depending on rate type and timing. Check your contract.
Not the interest rate directly, but the term gets shorter so that the monthly payment increases.
Your rate becomes just the spread (e.g., if Euribor = -0.5% and spread = +0.9%, your rate = 0.4%).
Yes - pre-approval with rate indication. Not legally binding but shows serious intent. Final rate confirmed after property valuation.
Legally no, but practically yes for discounts. You can use external insurance but lose 0.10-0.30% rate discount. Calculate which is cheaper.
Typically annually based on Euribor 12-month. Some contracts use semi-annual (every 6 months). Check your mortgage deed.
Compare 3+ offers, use a broker (free, better rates), optimize LTV (60% sweet spot), bundle smart (calculate total cost), negotiate with competing offers.
Free Mortgage Assessment
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