Key data
| Regulation | Resolution of 1 July 2026, from the Bank of Spain, publishing certain official reference interest rates for the mortgage market |
|---|---|
| Publication | 2 July 2026 |
| Effective date | 2 July 2026 |
| Affected parties | Holders of variable-rate mortgages and financial entities with mortgage loans |
| Category | Real estate |
| Period | June 2026 (published July 2026) |
| Euribor at 1 year | 2.798% |
| IRS at 5 years | 2.823% |
| €STR at 1 year | 1.956% |
| Mibor | 2.798% (matches one-year Euribor) |
If you have a variable-rate mortgage, the figure that matters most to you has just been published: the one-year Euribor for June 2026 is 2.798%. The Resolution of 1 July 2026 from the Bank of Spain, published in the BOE on 2 July, sets the official reference rates for the mortgage market corresponding to June. These values are what financial entities use to calculate periodic reviews of variable-rate mortgage loans.
What does this regulation establish?
The Bank of Spain publishes monthly, through official resolution, the reference interest rates for the mortgage market. These indices are the legally recognized values that financial entities must use to calculate reviews of variable-rate mortgage loans. They are not optional: they are regulated and their publication in the BOE gives them official status.
The four indices published for June 2026 are:
| Index | Value June 2026 | Main application |
|---|---|---|
| Euribor at 1 year | 2.798% | Variable-rate mortgages formalized from 2000 onwards (majority of the market) |
| IRS at 5 years | 2.823% | Mortgages referenced to the Interest Rate Swap at five years |
| €STR at 1 year | 1.956% | Mortgages referenced to the Euro Short-Term Rate |
| Mibor | 2.798% | Exclusively mortgages formalized before 1 January 2000 |
The one-year Euribor is by far the most widely used index in Spain. Virtually all variable-rate mortgages signed since 2000 are referenced to this index. The Mibor, which historically was the reference index par excellence, only remains in force for a very small number of old mortgages, and in June 2026 it matches exactly the one-year Euribor: 2.798%.
Economic and operational impact
The current level of Euribor (2.798%) represents relevant data for millions of Spanish families with variable-rate mortgages. To assess the impact, it is important to note that Euribor exceeded 4% in 2023, which meant a significant increase in payments. The current value for June 2026 indicates a significant moderation compared to those highs.
For financial entities, these indices are decisive in managing their mortgage loan portfolio: they directly affect interest income and expected default rates, as lower payments reduce the risk of non-payment.
For variable-rate mortgage holders, the impact depends on three factors: the outstanding capital, the spread agreed with the bank, and the review date. If the review takes the June 2026 Euribor as a reference (2.798%), the resulting payment will be lower than what was calculated when Euribor was at levels above 3% or 4%.
Who does it affect?
- Holders of variable-rate mortgages referenced to one-year Euribor: the majority of mortgaged individuals in Spain with loans signed from 2000 onwards.
- Holders of mortgages referenced to five-year IRS: affected by the value of 2.823%.
- Holders of mortgages referenced to one-year €STR: affected by the value of 1.956%.
- Holders of old mortgages referenced to Mibor: only mortgages formalized before 1 January 2000; the value is identical to Euribor (2.798%).
- Financial entities and banks: must apply these indices in periodic reviews of their mortgage portfolios.
- Financial advisors, wealth managers and real estate consultants: need this data to advise their clients on the impact on their payments and to compare mortgages.
Practical example
Suppose you have a variable-rate mortgage with the following conditions:
- Outstanding capital: €150,000
- Remaining term: 20 years
- Spread agreed with the bank: Euribor + 0.99%
- Annual review date: July 2026, taking as reference the Euribor for June 2026
The interest rate applicable after the review would be: 2.798% + 0.99% = 3.788%.
With that rate, the approximate monthly payment for €150,000 over 20 years would be around €890-900/month (the exact calculation depends on the amortization schedule of each loan). If in the previous review the Euribor applied was higher — for example, 3.5% in some month of 2024 — the payment would have been higher, and now there would be a decrease.
For mortgages referenced to one-year €STR (1.956%), the total rate with a spread of 0.99% would be 2.946%, resulting in a noticeably lower payment.
What should mortgage holders do now?
- Find the review date of your mortgage: check in your deed or amortization schedule when the next review occurs and what reference index and publication month applies.
- Identify your reference index: most variable-rate mortgages use one-year Euribor (2.798%). If your mortgage is prior to 2000, the index is Mibor (also 2.798%). If it is referenced to €STR, the value is 1.956%.
- Calculate your new payment: add your spread to the published reference index and apply it to the outstanding capital and remaining term. Your bank must notify you of the payment change before applying it.
- Verify the notification from your financial entity: entities are obliged to communicate the result of the review. Check that the index applied matches the one published by the Bank of Spain for June 2026.
- Evaluate whether it is convenient for you to switch to a fixed rate: with Euribor at 2.798%, it may be an appropriate time to analyze whether a subrogation or novation to a fixed rate is advantageous according to your risk profile and remaining term.
Frequently asked questions
What is the official Euribor for June 2026 for mortgage review?
The one-year Euribor corresponding to June 2026, published by the Bank of Spain on 2 July 2026, is 2.798%. This is the official value that financial entities must use for reviews of variable-rate mortgages referenced to this index with a review date in July 2026 taking June as the reference month.
What other official mortgage rates does the Bank of Spain publish for June 2026?
In addition to one-year Euribor (2.798%), the Bank of Spain publishes the five-year IRS at 2.823%, the one-year €STR at 1.956% and Mibor at 2.798% (the latter only applicable to mortgages formalized before 1 January 2000).
How do I calculate my new mortgage payment with the June 2026 Euribor?
Add the June 2026 Euribor (2.798%) to the spread agreed in your mortgage contract. For example, with a spread of Euribor + 1%, the applicable rate would be 3.798%. Apply that rate to the outstanding capital and remaining term to obtain the monthly payment. Your financial entity is obliged to notify you of the result of the review before applying it.
Is the June 2026 Mibor different from Euribor?
No. In June 2026, Mibor matches exactly one-year Euribor: 2.798%. Mibor is only applicable to mortgages formalized before 1 January 2000, a very small segment of the current market.
Where is the resolution with the mortgage rates for June 2026 officially published?
The Resolution of 1 July 2026 from the Bank of Spain is published in the Official State Gazette (BOE) dated 2 July 2026, with reference BOE-A-2026-14420. You can consult it directly at https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-14420.
Official source
Consult 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-2026-14420