Euribor closed September at 3.247%, above the 2.954% of August. This rise reignites the debate on whether it is advisable to secure payments with a fixed-rate mortgage.
According to information from elmundofinanciero.com, the euribor closed September at 3.247%, compared to 2.954% in August, and is more than a point above last year’s level. This movement again affects households with variable and mixed-rate mortgages.
According to an analysis by Housfy, the switch to a fixed rate does not only depend on the evolution of the index. Factors include the outstanding capital, the contracted differential, the remaining amortisation years, the fees, and the conditions offered by each institution.
The consultancy points out that there is no need to wait for the next payment review to consider a change. Holders can negotiate a modification with their bank at any time or transfer the loan to another institution.
“The important thing is to know that it is not necessary to wait for a review to compare current conditions with market offers,” explains Joan Balasch, director of mortgages at Housfy.
Housfy provides an example: a mortgage with €200,000 outstanding, 20 years remaining and a differential of +0.70%. After the September review, the payment would increase by €119.27 per month, €1,431.24 per year and €28,624.80 over the remaining 20 years.
The National Institute of Statistics (INE) places the average amount of mortgages on homes at €180,785 in July, a 10.9% increase from a year earlier. This figure is close to the capital in the example.
Mixed-rate mortgages are the most sensitive case. Housfy indicates that, between January and September 2026, mixed-rate mortgages have fallen by 29.9% compared to the same period in 2025, while fixed-rate mortgages have risen by 6.7%. When the initial fixed period ends, the payment then depends on the euribor plus the differential.
According to the INE, variable and mixed-rate mortgages accounted for 37.7% of those constituted on homes in July 2026, compared to 33.3% in January. By region, Extremadura had the highest proportion of variable mortgages in the second quarter, at 62.72%, followed by Castilla-La Mancha (45.12%) and Aragón (42.36%). In Murcia, Galicia, and Asturias, fixed or mixed-rate mortgages predominated, with 75.17%, 73.90%, and 70.12%.
Housfy recommends calculating the total cost before making a decision. This calculation should include the outstanding capital, remaining years, modification costs, any requirements from the new institution, and the accumulated savings over the life of the loan. Comparing just the rate or the new payment can give an incomplete picture.
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