Key data
| Regulation | Resolution of August 3, 2026, from the Bank of Spain, publishing certain official reference interest rates for the mortgage market |
|---|---|
| Publication | August 4, 2026 |
| Effective date | August 4, 2026 |
| Affected parties | Holders of variable-rate mortgages referenced to Euribor or Mibor |
| Category | Real Estate |
| Period | July 2026 |
| Euribor at 1 year | 2.855% |
| Mibor | 2.855% |
| IRS at 5 years | 2.957% |
| €STR at 1 year | 1.979% |
Variable-rate mortgage holders in Spain now have the data they need to calculate their next review: the one-year Euribor stands at 2.855% in July 2026, according to the Resolution of August 3, 2026 from the Bank of Spain, published in the BOE on August 4. This value is what banks will use as the official reference to update the payments of millions of variable-rate mortgages in the coming months.
The monthly publication of these indices responds to the obligation established in the Circular 5/2012 of the Bank of Spain, which regulates which interest rates are considered official for mortgage purposes. This is not a new regulation, but rather the monthly update of data that directly determines how much each month those with a variable-rate mortgage pay.
What does this regulation establish?
The Bank of Spain publishes each month the official reference interest rates for the mortgage market in accordance with Circular 5/2012. These indices are the only ones that can legally be used as a reference in variable-rate mortgage contracts in Spain. Below are the four indices published for July 2026:
| Index | Value July 2026 | Description |
|---|---|---|
| Euribor at 1 year | 2.855% | European interbank rate at 12 months. Majority reference in Spanish variable-rate mortgages. |
| Mibor | 2.855% | Madrid Interbank Offered Rate. Same value as Euribor. Remains for old mortgages prior to 2000. |
| IRS at 5 years | 2.957% | Interest Rate Swap at 5 years. Reference for medium-term mortgage products. |
| €STR at 1 year | 1.979% | Euro Short-Term Rate at 12 months. Alternative index, notably lower than Euribor. |
The most relevant data for most mortgage holders is the one-year Euribor at 2.855%. The trend of recent months shows moderate rates compared to recent historical highs, which provides some relief for those who reviewed their mortgage in years of higher Euribor.
Economic and operational impact
The Euribor at 2.855% represents a significantly lower level than the peaks recorded in 2023 and 2024, when the index exceeded 4%. For mortgage holders who reviewed their payment in those years, the update with the July 2026 figure can mean an appreciable decrease in the monthly payment.
The difference between Euribor (2.855%) and the one-year €STR (1.979%) is almost 0.876 percentage points. This is relevant because some more recent mortgages may be referenced to €STR, which implies more favorable conditions for the debtor in the current context.
The 5-year IRS (2.957%) slightly exceeds the one-year Euribor, indicating that the market discounts some stability or slight increase in rates in the medium term, although the difference is small (barely 0.1 points).
Who does it affect?
- Holders of variable-rate mortgages referenced to 1-year Euribor: the largest group in Spain. Their payment is reviewed with this figure.
- Holders of old mortgages referenced to Mibor: contracts formalized before the year 2000. In July 2026, Mibor matches Euribor exactly: 2.855%.
- Holders of mortgages referenced to 5-year IRS: affected by the value of 2.957%.
- Holders of mortgages referenced to 1-year €STR: benefit from the lowest index, 1.979%.
- Financial entities and mortgage advisors: must apply these indices in contractual reviews and in customer information.
- Financial advisors, CFOs and treasury managers: who manage portfolios with mortgage debt or financing referenced to these indices.
Practical example
Suppose a variable-rate mortgage with the following conditions:
- Outstanding capital: €150,000
- Remaining term: 20 years
- Bank spread: +0.99%
- Reference index: 1-year Euribor
With the July 2026 Euribor at 2.855%, the applicable rate after review would be:
2.855% + 0.99% = 3.845%
This translates to an approximate monthly payment of €890. If this same mortgage was reviewed a year ago with a Euribor of 3.8%, the previous payment would have been approximately €975, which represents a monthly saving of about €85 thanks to the drop in the index.
For mortgages referenced to 1-year €STR (1.979% + 0.99% = 2.969%), the payment on the same capital would be approximately €830, about €60 less per month compared to Euribor.
What should mortgage holders do now?
- Find the review date of your mortgage: check your contract to see if the review is annual or semi-annual and in which month it applies. The July 2026 figure (2.855%) will be the reference for reviews that correspond to that month.
- Identify your reference index: most variable-rate mortgages in Spain use the 1-year Euribor. If your contract mentions Mibor, IRS or €STR, apply the corresponding value from the table above.
- Calculate your new payment: add the July Euribor (2.855%) to the spread agreed with your bank. Apply that rate to the outstanding capital and remaining term to estimate the new monthly payment.
- Compare with your current payment: if Euribor has fallen compared to the figure used in your last review, your payment should decrease. Require your bank to communicate the new payment to you in writing before it is applied.
- Consider whether it suits you to switch to fixed or mixed rate: with the 5-year IRS at 2.957%, fixed rates for the medium term remain competitive. Consult with your entity or a financial advisor if a subrogation or novation can improve your conditions.
Frequently asked questions
What is the official Euribor for July 2026 for mortgages?
The one-year Euribor published by the Bank of Spain for July 2026 is 2.855%. This is the official value applied in reviews of variable-rate mortgages referenced to this index, in accordance with the Resolution of August 3, 2026 published in the BOE.
How much does my mortgage go down with the July 2026 Euribor?
It depends on the Euribor used in your last review. If a higher Euribor than the current 2.855% was applied in your previous review (for example, 3.8% from a year ago), your payment will decrease. For a €150,000 mortgage over 20 years with a 0.99% spread, the savings could be about €85 per month compared to a review with Euribor at 3.8%.
What is the difference between Euribor and €STR in July 2026?
In July 2026, the 1-year Euribor is at 2.855% and the 1-year €STR at 1.979%, a difference of almost 0.876 percentage points. Mortgages referenced to €STR currently have more favorable conditions for the debtor.
Is Mibor the same as Euribor in July 2026?
Yes. In July 2026, Mibor and the one-year Euribor coincide exactly at 2.855%. Mibor remains as an official index for old mortgages formalized before the year 2000, although in practice its value usually follows Euribor.
When is the July 2026 Euribor applied to my mortgage?
It depends on the review date agreed in your mortgage contract. If your review is in August or September 2026 and the contract establishes that the Euribor from the previous month or the last published month is used, the July 2026 figure (2.855%) will be applicable. Review the specific conditions of your deed or consult with your bank.
Official source
View complete regulation in official source
Notice: 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-2026-16997