Spain continues to see a rise in the key Euribor index, which in November 2025 approached 2.2%. For many homeowners with variable-rate mortgages, this signals new financial challenges. The impact will be felt most by those whose loans are reviewed every six months—their monthly payments will increase in the near future.
In recent months, the index has shown a steady upward trend. Preliminary data indicates November will close at 2.217%. This is slightly higher than October’s figure and significantly above the mid-year levels. The main reason for this dynamic is the European Central Bank’s policy of maintaining the base rate at 2%. On top of this, Spanish banks have tightened lending conditions.
How mortgage payments are changing
For those with mortgages recalculated annually, the situation remains less concerning for now. Their monthly payments will decrease slightly, but the savings will be modest compared to previous periods. For example, a borrower with a €150,000 loan over 30 years and a 0.99% margin over Euribor will pay about €23 less per month. If the loan amount is €300,000, the savings double.
The situation is quite different for borrowers whose loans are adjusted every six months. For them, the November increase in the index means higher monthly payments. Someone with a €150,000 loan on similar terms will see payments rise by approximately €13. The difference will be even more noticeable with a larger loan.
Causes of Growth and Market Outlook
Experts note that the current rise in Euribor is part of the normalization process after a period of anticipated rate cuts. At the start of the year, the index declined on expectations of imminent ECB policy easing. However, since summer, the regulator has kept rates unchanged, and Euribor has gradually returned to higher levels.
No sharp changes are expected in the coming months. Analysts agree that through the end of the year and the first half of 2026, the index will remain within the 2–2.2% range. Significant fluctuations are not anticipated unless new signals emerge from the European Central Bank.
Looking Ahead: What Awaits the Mortgage Market
In the medium term, much will depend on the economic situation and inflation. If price growth slows and the economy shows signs of cooling, the ECB may start to cut rates as early as the first half of 2026. In this scenario, Euribor could gradually decrease, but sharp changes are unlikely.
For now, Spanish families with variable-rate mortgages must closely monitor the news and plan their budgets, taking possible expense increases into account. This is especially relevant during the traditionally high-spending period at the end of the year.
Tips for Borrowers and Expert Forecasts
Experts advise against panicking and recommend carefully reviewing your loan terms. The rise in Euribor is not an emergency, but rather a reflection of broader market trends. It’s important to remember that the index depends on ECB decisions: if the regulator starts lowering rates, mortgage payments will decrease as well.
For now, most experts do not expect sharp surges or a rapid drop in the index. The Spanish mortgage market is entering a period of relative stability, so borrowers should prepare for moderate changes in the coming months.
