Euribor Surge Puts Spanish Variable Mortgages Under Pressure

The European Central Bank's (ECB) latest decision to raise its main rates by 25 basis points has pushed market expectations higher, putting Spanish variable mortgage holders under fresh pressure.

The Euribor is expected to close September at about 3.22%, its highest average level since July 2024. For borrowers whose loans are reviewed once a year, the typical annual mortgage bill could rise by €828.

Banco de España's official calendar places the publication of the monthly Euribor hipotecario statistic around the 20th day of the following month. As a result, the September average and its effect on a particular loan depend on the contract's revision date and the reference month specified in the mortgage agreement.