Euribor August 2026 at 2.954%: How Your Variable Mortgage Changes

Key data

If you have a variable-rate mortgage indexed to Euribor, the data that marks your next review is already published: 2.954% for August 2026. This value is published monthly by the Bank of Spain in accordance with Circular 5/2012 and is the official index that banks use to recalculate the payments of variable-rate mortgage loans.

The Resolution of September 1, 2026 contains the four official indices of the mortgage market corresponding to August 2026.

What does this regulation establish?

The Bank of Spain publishes monthly the official reference interest rates for the mortgage market. These indices are the only legally valid ones for reviewing the payments of variable-rate mortgage loans in Spain. The August 2026 publication contains the following values:

The one-year Euribor is by far the most widely used index in Spanish variable-rate mortgages. Its August 2026 value (2.954%) is the data that banks will apply in annual or semi-annual reviews that take August as the reference month.

Economic and operational impact

The Euribor at 2.954% has a direct and quantifiable impact on the monthly payment of any variable-rate mortgage. The payment is calculated by adding the Euribor to the spread agreed in the contract (typically between 0.50% and 1.50%).

For an average mortgage in Spain, the review with this data implies a total interest rate of between 3.45% and 4.45% approximately, depending on the contracted spread. This translates into monthly payments significantly higher than those from two or three years ago, when Euribor was trading in negative territory or close to zero.

Financial entities also use these indices to value their mortgage portfolio, calculate provisions, and manage interest rate risk. A Euribor stabilized around 3% implies more predictable margins for banks, but greater financial pressure for indebted households.

Who does it affect?

• Mortgage holders with variable-rate loans indexed to Euribor: anyone whose mortgage is reviewed using the August 2026 Euribor as a reference will see their payment recalculated at 2.954%.
• Mortgage holders with loans prior to January 1, 2000 indexed to Mibor: the August 2026 Mibor coincides with Euribor, also standing at 2.954%.
• Mortgage holders with loans indexed to the 5-year IRS: the applicable index is 3.067%.
• Financial entities and banks: must apply these indices in rate reviews and in the valuation of their mortgage portfolio.
• Financial advisors, wealth managers, and mortgage brokers: need this data to advise their clients on the impact on their payments and on possible loan transfers or modifications.
• Real estate developers and investment funds in mortgage assets: use these indices to value assets and project cash flows.

Practical example

Suppose a variable-rate mortgage with the following characteristics:

• Outstanding capital: €150,000
• Remaining term: 20 years
• Agreed spread: Euribor + 0.99%
• Reference month for annual review: August

With the August 2026 Euribor at 2.954%, the interest rate applicable at the next review will be:

2.954% + 0.99% = 3.944%

This equates to an approximate monthly payment of €895/month for the next 12 months, compared to approximately €700/month that was paid when Euribor was at 0% (with only the 0.99% spread applied). The difference represents an additional annual cost of around €2,340 more compared to that low-rate scenario.

What should mortgage holders do now?

1. Locate your mortgage's reference month: review your mortgage deed to find out which Euribor month your bank uses as a reference for the review. If it's August, the applicable rate is 2.954%.
2. Calculate your new payment: add the August Euribor (2.954%) to your contract's spread. With that total rate, recalculate the payment on the outstanding capital and remaining term.
3. Compare with a fixed or mixed-rate mortgage: with Euribor at 2.954%, it may be a good time to analyze whether a loan transfer or modification to a fixed or mixed rate would be more advantageous in the long term. Consult with your bank or a mortgage broker.
4. Verify your mortgage's index: if your loan is prior to 2000, check whether it is indexed to Mibor (2.954%) or Euribor. Both coincide in August 2026, but it's good to be clear for future reviews.
5. If you are a financial entity or advisor: update your mortgage portfolio valuation models and rate review calculations with the official data published on September 2, 2026.

Official source

View complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-18507