Key data
| Regulation | Resolution of 17 July 2026, from the Bank of Spain, publishing certain official reference interest rates for the mortgage market |
|---|---|
| Publication | 18 July 2026 |
| Effective date | 18 July 2026 |
| Affected parties | Holders of mortgages referenced to official interest rates from the Bank of Spain (other than Euribor) |
| Category | Real estate |
| Regulatory framework | Circular 5/2012 of the Bank of Spain |
| Average mortgage rate Spain (>3 years, free housing) | 3.049% (June 2026) |
| Average mortgage rate eurozone (1-5 years) | 3.470% (June 2026) |
If you have a mortgage referenced to the official interest rates of the Bank of Spain—other than Euribor—the Resolution of 17 July 2026 sets the values that determine your payment in the next review. The average rate for mortgage loans over three years for the acquisition of free housing in Spain stands at 3.049% for June 2026. In the eurozone, the average rate for housing loans between one and five years reaches 3.470%. Although the use of these indices is minority compared to Euribor, their publication has direct legal value in contractual reviews and judicial or administrative proceedings.
What does this regulation establish?
The Bank of Spain publishes monthly, in accordance with Circular 5/2012, a series of official reference interest rates for the mortgage market. These indices are not Euribor—which is the most widespread—but alternative references that some mortgage contracts use as a basis for calculating the applicable interest rate in each periodic review.
The July 2026 resolution contains the values corresponding to June 2026 and takes immediate effect from its publication in the BOE on 18 July 2026. The two published indices are:
| Official index | June 2026 value | Scope |
|---|---|---|
| Average rate for mortgage loans over three years for the acquisition of free housing in Spain | 3.049% | Spain |
| Average rate for housing mortgage loans between one and five years in the eurozone | 3.470% | Eurozone |
These indices serve as legal reference in three main contexts: periodic reviews of mortgage loans that incorporate them contractually, judicial proceedings in which the applicable interest rate is discussed, and administrative procedures related to real estate financing.
Economic and operational impact
The direct impact of these indices is limited in volume, given that most variable-rate mortgages in Spain are referenced to Euribor. However, for those who do have contracts linked to these official rates, the effect is concrete and quantifiable in each review.
The rate of 3.049% for loans over three years in Spain reflects the average real cost at which financial institutions grant mortgages in that bracket. Its use as a reference in specific contracts means that the mortgage payment will be recalculated by applying this percentage—plus the spread agreed in the deed—on the next review date.
From an operational perspective, financial institutions and law firms specializing in mortgage litigation must incorporate these updated values into their calculation systems and procedural arguments immediately, as the resolution comes into force on the same day of its publication.
Who does it affect?
- Holders of mortgages referenced to official interest rates from the Bank of Spain other than Euribor, who have upcoming interest rate reviews.
- Financial institutions and banks that manage portfolios of mortgage loans referenced to these indices and must update their payment calculations.
- Law firms and legal advisors who intervene in litigation or administrative proceedings related to real estate financing, where these indices act as legal reference.
- Real estate fund and portfolio managers with loans linked to these rates in their financing structure.
- Courts and tribunals that resolve disputes over mortgage conditions and need the official value published by the Bank of Spain.
Practical example
Suppose a holder with a variable-rate mortgage referenced to the average rate for mortgage loans over three years for free housing in Spain, with a spread of +0.50 percentage points agreed in the deed.
With the value published for June 2026:
- Official reference index: 3.049%
- Contractual spread: +0.50%
- Interest rate applicable in the next review: 3.549%
For a loan balance of 150,000 euros over 20 remaining years, this rate would result in an approximate monthly payment of 870 euros. This calculation must be performed with the specific data from each contract (outstanding capital, remaining term and agreed spread), but the starting index is the 3.049% published in this resolution.
In the judicial sphere, if a proceeding concerns the interest rate applicable to a mortgage referenced to the eurozone index (between one and five years), the official value to cite is the 3.470% corresponding to June 2026.
What should mortgage holders do now?
- Review the mortgage deed to identify whether the loan is referenced to any of the official interest rates from the Bank of Spain published in this resolution (and not to Euribor).
- Locate the interest rate review date in the contract and calculate the new payment by applying the corresponding index (3.049% for the Spanish rate over three years, or 3.470% for the eurozone rate between one and five years) plus the agreed spread.
- Compare the calculation with the bank's notice: the financial institution must notify the new payment before the review. Verify that the index applied matches the one published by the Bank of Spain for June 2026.
- If there is ongoing litigation related to mortgage conditions, forward the values published in this resolution to your lawyer or legal advisor for inclusion in the file.
- File the resolution as a reference document for future reviews or claims, as it has official legal value from 18 July 2026.
Frequently asked questions
What is the official mortgage interest rate from the Bank of Spain for June 2026?
The Bank of Spain publishes two indices for June 2026: the average rate for mortgage loans over three years for the acquisition of free housing in Spain stands at 3.049%, and the average rate for housing loans between one and five years in the eurozone reaches 3.470%. Both values are official as of 18 July 2026.
What is the difference between these official rates and Euribor?
Euribor is the majority reference index for variable-rate mortgages in Spain. The rates published by the Bank of Spain in this resolution are alternative indices, of minority use, that apply only to those mortgage contracts that expressly incorporate them. Their main use is as a legal reference in reviews of specific loans and in judicial or administrative proceedings.
How do I know if my mortgage is referenced to these Bank of Spain rates?
You should consult the deed of your mortgage loan. If the contract mentions the «average rate for mortgage loans over three years for free housing» or the «average rate for housing loans in the eurozone» as the reference index—instead of Euribor—then the values published in this resolution (3.049% and 3.470% respectively) are the ones that will be applied in your next review.
How often does the Bank of Spain publish these official rates?
The Bank of Spain publishes these mortgage market reference indices on a monthly basis, in accordance with Circular 5/2012. Each resolution contains the values for the previous month and comes into force on the same day of its publication in the BOE.
What are these indices used for in a mortgage judicial proceeding?
In litigation or administrative proceedings related to real estate financing, these official rates act as a legal reference to determine the applicable interest in a specific period. For June 2026, the official value to cite is 3.049% (Spanish index over three years) or 3.470% (eurozone index between one and five years), depending on which is the reference index of the contract in dispute.
Official source
View complete regulation at 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-2026-15738