The 12-month Euribor closed September at 3.247%, its highest level since July 2024. In a €150,000 variable mortgage, the monthly payment rises from €724.02 to €811.52.
Variable mortgage payments are rising again. According to articulo14.es, the 12-month Euribor has resumed its upward trend after several months of relative stability, and this is already noticeable in the revisions of variable rate loans.
The Bank of Spain has confirmed that the 12-month Euribor ended September 2026 at 3.247%, compared to 2.954% in August. This marks the third consecutive monthly increase and the highest level since July 2024. A year ago, in September 2025, the indicator was at 2.172%.
Over twelve months, the Euribor has risen by 1.075 percentage points. Households that need to review their loans are the most affected, although the final impact depends on the outstanding capital, the repayment term, and the margin set in each contract.
To measure the effect, the simulation takes a variable mortgage with €150,000 outstanding, 25 years remaining, and a margin of 0.99%. With the Euribor of September 2025, the interest would be 3.162% and the payment around €724.02. With the index of September 2026, the interest rises to 4.237% and the payment increases to €811.52 monthly.
The difference is €87.50 per month, approximately €1,050 per year. The calculation uses the French amortisation system, keeps the capital and term constant, and does not include fees or linked products.
Not all mortgage holders will notice the increase at the same time. Reviews can be done every six or twelve months depending on the contract, and each entity applies the index for the agreed period.
The European Central Bank raised official rates by 25 basis points on September 10, to 2.50% in the deposit facility, due to persistent inflationary pressures. The Euribor does not automatically mirror these decisions but reflects what financial markets expect regarding the cost of money, so it may increase before the ECB acts again.
Banks are also raising their offers. According to the comparator HelpMyCash, ING raised the rate of its Fixed Orange Mortgage from 4% to 4.15% on October 13. Bankinter increased from 3.20% to 3.50% at the end of September, and ABANCA from 2.95% to 3.15% during October. Unicaja and COINC have also implemented recent increases. These are commercial offers with their own conditions.
The INE recorded 43,372 mortgages on homes in July, a 3.5% decrease from a year earlier, while the average amount rose by 10.9%, to €180,785. The average interest rate on new loans increased from 2.96% in June to 3.01% in July. Of these, 62.3% were fixed-rate and 37.7% variable-rate.
Anyone with a mortgage linked to the Euribor can already check the review date and the margin stated in their contract. With the outstanding capital and the remaining years, they can calculate how their payment would change.
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