Key data
| Regulation | Resolution of August 4, 2026, from the Bank of Spain |
|---|---|
| Publication | August 5, 2026 |
| Effective date | August 5, 2026 |
| Affected parties | Holders of mortgage loans referenced to RODE and financial entities |
| Category | Tax News |
| Year | 2026 |
| Published index (RODE) | 2.848% — July 2026 |
| Reference regulatory framework | Order EHA/2899/2011, of October 28 |
| Calculating body | Sociedad de Bolsas, published by BME Renta Variable |
Holders of mortgage loans referenced to RODE and financial entities managing those contracts have new official data to act on: 2.848% for July 2026. The Resolution of August 4, 2026 from the Bank of Spain formalizes this value in accordance with Order EHA/2899/2011, of October 28, on transparency and consumer protection in banking services.
The RODE (internal rate of return in the secondary market for public debt with a maturity between two and six years) is calculated by Sociedad de Bolsas and published by BME Renta Variable. Its monthly publication by the Bank of Spain makes it an official reference valid for rate reviews in certain banking products.
What does this regulation establish?
The Resolution publishes the monthly value of the internal rate of return in the secondary market for public debt with a maturity between two and six years, known as RODE. This index is recognized as an official interest rate by Order EHA/2899/2011, which regulates transparency and consumer protection in banking services.
Its practical function is clear: it serves as a reference for the periodic review of the interest rate in mortgage loan contracts and other banking products that have agreed to use this index as the calculation base. Each month, the Bank of Spain publishes the updated data so that entities and clients can apply it with legal certainty.
| Element | Detail |
|---|---|
| Index name | RODE — Internal rate of return in secondary market for public debt (2-6 years) |
| July 2026 value | 2.848% |
| Publication frequency | Monthly |
| Calculating body | Sociedad de Bolsas |
| Publishing body | BME Renta Variable |
| Enabling legal framework | Order EHA/2899/2011, of October 28 |
| Published by | Bank of Spain (Resolution of August 4, 2026) |
The RODE reflects the conditions of the Spanish sovereign debt market in the two to six-year maturity segment. Its evolution is directly linked to the ECB's monetary policy and the perception of Spanish sovereign risk, making it an indicator sensitive to economic cycles.
Economic and operational impact
The impact of this data depends on the volume of contracts linked to RODE at each financial entity. Although RODE is a less widespread official index than Euribor, contracts that incorporate it as a reference are required to apply the published value in the corresponding review.
For financial entities, the operational obligation is immediate: update the calculations of the applicable rate or payment in all contracts referenced to RODE, using 2.848% as the July 2026 data. Failure to do so correctly could constitute a breach of contractual conditions and banking transparency regulations.
For loan holders, the impact depends on the spread agreed in their contract. The final rate they will pay will be the result of adding the agreed spread to the RODE value on the review date. With a RODE of 2.848%, contracts with low spreads (for example, +0.50%) will result in final rates around 3.3%, while higher spreads will proportionally increase the cost.
Who does it affect?
- Holders of mortgage loans whose contract establishes RODE as the reference index for the interest rate review.
- Financial entities and banks that have mortgage loans or banking products referenced to RODE in their portfolio: they must update their calculation systems with the new value.
- Financial and mortgage advisors who manage client portfolios with this type of products.
- CFOs and financial directors of companies with bank financing referenced to official interest rates other than Euribor.
- Compliance departments of credit entities, which must verify the correct application of the index in affected contracts.
Practical example
Suppose a mortgage loan with the following conditions:
- Outstanding capital: €150,000
- Remaining term: 15 years
- Reference index: RODE
- Agreed spread: +0.75%
- Review date: August 2026
With the RODE for July 2026 set at 2.848%, the applicable interest rate after the review would be:
2.848% (RODE) + 0.75% (spread) = 3.598% APR
The financial entity is required to apply this value in the next interest settlement. If the holder had a lower previous rate (for example, if the previous month's RODE was lower), the monthly payment will increase accordingly. If it was higher, it will decrease. In any case, the entity must communicate the new rate to the customer in accordance with the transparency requirements of Order EHA/2899/2011.
What should companies do now?
- Financial entities: update calculation systems with the RODE value of 2.848% for July 2026, applying it in all contract reviews corresponding to this period.
- Verify which contracts are referenced to RODE in your own portfolio. Not all mortgage loans use this index, but those that do require immediate updating.
- Communicate the new rate to affected customers in accordance with the transparency requirements established in Order EHA/2899/2011, before applying the review.
- Mortgage holders: review the contract to identify whether the reference index is RODE. If so, verify that the entity correctly applies 2.848% plus the agreed spread.
- Advisors and CFOs: update financial projections for clients or companies with debt referenced to RODE, incorporating the new value for financial cost calculations for the second half of 2026.
Frequently asked questions
What is RODE and what is it used for in a mortgage?
RODE is the internal rate of return in the secondary market for Spanish public debt with a maturity between two and six years. It is one of the official interest rates recognized by Order EHA/2899/2011. In a mortgage, if the contract establishes it as the reference index, the interest rate is reviewed periodically by adding the agreed spread to the RODE value published by the Bank of Spain. For July 2026, that value is 2.848%.
What is the RODE value for July 2026?
The Bank of Spain has published the RODE for July 2026 at 2.848%, through the Resolution of August 4, 2026. This data is calculated by Sociedad de Bolsas and published by BME Renta Variable before its official formalization by the Bank of Spain.
What should banks do when the new RODE is published?
Financial entities with contracts referenced to RODE must update their interest rate calculations by applying the new value (2.848% for July 2026) in all reviews corresponding to that period. Additionally, they must communicate the new rate to affected customers in accordance with the transparency requirements of Order EHA/2899/2011 before applying the change to the payment.
How do I know if my mortgage is referenced to RODE?
You should review the financial conditions of your mortgage loan deed. The reference index is expressly indicated in the variable interest rate section. If it appears as "internal rate of return in the secondary market for public debt with a maturity between two and six years" or simply "RODE", then the value published for July 2026 (2.848%) is what your entity must apply in the next review.
Where is RODE officially published each month?
The Bank of Spain publishes RODE monthly through a resolution in the Official State Gazette (BOE). The July 2026 data appears in the Resolution of August 4, 2026, with reference BOE-A-2026-17070. The prior calculation is performed by Sociedad de Bolsas and published by BME Renta Variable.
Official source
Consult complete regulation at 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-2026-17070