Euribor closed October at 3.239%, one-tenth lower than in September according to the Bank of Spain. Compared to October 2025, the index has risen by 1.05 percentage points.
Euribor, the benchmark rate of the interbank market to which most variable-rate mortgages in Spain are linked, closed October at 3.239%. This figure, as confirmed by the Bank of Spain on Tuesday, comes after information was released, as reported by Europa Press.
On a monthly basis, the index slows its rise: it drops from 3.247% in September to 3.239%, a reduction of less than one basis point. However, the year-on-year comparison remains negative for mortgage holders, as compared to October 2025, the figure rises by 1.05 percentage points.
To illustrate the impact, Europa Press has calculated the case of a variable-rate mortgage of €150,000 over 30 years with a margin of 0.99%. If it is reviewed with the Euribor from September, the monthly payment increases by €89.26, which amounts to €1,071.12 per year. This is the maximum possible increase for that level of financing, as there is still a lot of capital to amortise at the start of the loan.
The spokesperson for iAhorro, Laura Martínez, warns that uncertainty continues:
“The ECB's decision to maintain rates in October does not eliminate uncertainty about the coming months.”
Analysts at Ebury believe that the 12-month Euribor could be nearing its peak if the European Central Bank maintains a prolonged pause after the December meeting. Finance expert Pablo Vega from Roams considers that the drop in October does not indicate a downward trend, as the index continues to face resistance near 3.3%. Meanwhile, experts from Kelisto expect the indicator to remain above 3% in the short term.
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