Key data
| Regulation | Resolution of November 3, 2026, from the Bank of Spain, publishing certain official reference interest rates for the mortgage market |
|---|---|
| Publication | November 4, 2026 |
| Effective date | November 4, 2026 |
| Affected parties | Holders of variable-rate mortgages and financial entities |
| Category | Real Estate |
| Period | October 2026 |
| Euribor at 1 year | 3.239% |
| IRS at 5 years | 3.455% |
| €STR annual | 2.077% |
| Mibor | 3.239% |
Variable-rate mortgages for millions of Spanish families are reviewed periodically based on the official interest rates published monthly by the Bank of Spain. With the Resolution of November 3, 2026, the indices for October 2026 are fixed, and the most relevant figure is clear: the one-year Euribor stands at 3.239%.
This percentage is not an abstract figure: it is the rate your bank will use to calculate how much you pay for your mortgage at your next review if you have a variable-rate loan indexed to Euribor.
What does this regulation establish?
The Bank of Spain publishes monthly the official reference interest rates for the mortgage market, as required by current regulations. These indices are the only valid ones for calculating reviews of variable-rate mortgage loans in Spain.
The November 2026 resolution sets the following rates corresponding to the month of October 2026:
| Index | October 2026 value | Scope of application |
|---|---|---|
| Euribor at 1 year | 3.239% | Variable-rate mortgages — majority index in Spain |
| IRS (Interest Rate Swap) at 5 years | 3.455% | Mixed-rate mortgages and medium-term products |
| €STR annual | 2.077% | Alternative reference based on interbank operations at one day |
| Mibor | 3.239% | Only mortgages signed before year 2000 (residual index) |
A relevant fact is the inverted curve shown by rates based on €STR: the annual period (2.077%) is below the one-year Euribor (3.239%), reflecting market expectations about the future evolution of short-term rates.
Mibor, although numerically coinciding with the one-year Euribor in this period, is a residual index that is only applicable to mortgages formalized prior to year 2000. Its practical relevance is very limited.
Economic and operational impact
The Euribor at 3.239% means that mortgage holders with reviews in this period will continue to bear a high financial cost. For context: in the years before the rate hike that began in 2022, Euribor reached negative values. A rate of 3.239% implies a very significant spread compared to that low-rate environment.
For financial entities, these indices are the basis on which they calculate:
- The update of payments in periodic reviews of variable-rate mortgages.
- The pricing of new mortgage products indexed to official indices.
- Credit risk models and provisions on mortgage portfolios.
For variable-rate mortgage holders, the direct impact is the monthly payment they will make after the next review. The greater the outstanding capital and remaining term, the greater the absolute effect of the applied rate.
Who does it affect?
- Mortgage holders with variable-rate loans indexed to one-year Euribor: directly affected in their monthly payment at the next annual or semi-annual review.
- Mortgage holders with loans indexed to five-year IRS: review based on 3.455%.
- Holders of mortgages prior to year 2000 indexed to Mibor: their index is fixed at 3.239%, coinciding with Euribor.
- Financial entities and banks: must update their calculation systems and customer communications with the new official indices.
- Financial advisors, wealth managers and CFOs: who manage portfolios with mortgage debt or advise clients on refinancing.
- Real estate developers and companies with variable-rate mortgage financing: the financial cost of their loans is recalculated with these indices.
Practical example
Suppose a mortgage holder with the following conditions:
- Outstanding capital: €150,000
- Remaining term: 20 years
- Rate: Euribor + 0.99%
- Annual review using October 2026 as reference
With the October 2026 Euribor at 3.239%, the applicable rate after review would be 3.239% + 0.99% = 4.229%.
Applying this rate to €150,000 over 20 years, the resulting monthly payment would be around €925-930/month (indicative calculation, excluding linked commissions or insurance). This example illustrates how a spread of almost one percentage point over Euribor can mean several hundred euros additional per year compared to a low-rate scenario.
For mortgages indexed to five-year IRS (3.455%), the total resulting rate would be somewhat higher, which increases the payment compared to those indexed to one-year Euribor in this specific period.
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 what reference month is used to take the Euribor. If it is October, the applicable index is 3.239%.
- Calculate your new payment before receiving it: add the October Euribor (3.239%) to the spread of your mortgage and apply it to the outstanding capital and remaining term. This way you will know exactly how much you will pay before the bank notifies you.
- Verify that the bank applies the correct index: when you receive the review notification, check that the rate used matches the one officially published by the Bank of Spain for October 2026.
- Evaluate whether it is worth negotiating or switching: with Euribor at 3.239%, it may be time to analyze whether a fixed or mixed-rate mortgage offers more advantageous conditions for your profile. Consult with your entity or an independent financial advisor.
- If you are a financial entity: update the payment calculation systems and customer communications with the indices published on November 4, 2026, ensuring compliance with the notification deadlines provided for in mortgage regulations.
Frequently asked questions
What is the official Euribor for October 2026 to review mortgages?
The one-year Euribor corresponding to October 2026, published by the Bank of Spain through Resolution of November 3, 2026, is 3.239%. This is the official index that financial entities must use to calculate reviews of variable-rate mortgages indexed to this index.
What is the five-year IRS and what is it at October 2026?
The IRS (Interest Rate Swap) at 5 years is an official mortgage reference index used mainly in mixed-rate mortgages and certain medium-term products. In October 2026 it stands at 3.455%, above the one-year Euribor (3.239%), reflecting that the market anticipates higher rates in the medium term.
What mortgages use Mibor and what is it at October 2026?
Mibor is a residual index that only applies to mortgages formalized before year 2000. In October 2026 it coincides with the one-year Euribor: 3.239%. If your mortgage is after year 2000, Mibor does not affect you.
How do I calculate my new mortgage payment with the October 2026 Euribor?
Add the October 2026 Euribor (3.239%) to the spread agreed in your mortgage contract (for example, +0.99%). The result (4.229% in that case) is the annual nominal rate that will be applied to your outstanding capital during the next review period. With that rate, outstanding capital of €150,000 over 20 years means an indicative payment of around €925-930/month.
Where is the October 2026 Euribor officially published?
In the Resolution of November 3, 2026 of the Bank of Spain, published in the BOE on November 4, 2026 (reference BOE-A-2026-23168). It is the official and binding source for any mortgage review calculation.
Official source
Consult 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-2026-23168
