The 12-month Euribor opened October at 3.303% on 1 October 2026. It had reached 3.379% on 25 September, its highest level since July 2024, before easing to 3.329% on 30 September. The opening figure is below the previous session’s reading but remains above September’s monthly average.
The rate fell 0.026 points from the previous session, its lowest value in the latest update. For households with variable-rate mortgages in Spain, the index matters because lenders use it to calculate interest at scheduled reviews.
The short-term picture is mixed. October’s opening reading of 3.303% is 0.056 points above September’s monthly average of 3.247%. That gap can affect a borrower’s instalment when the lender reviews the loan. The result depends on the latest Euribor figure and the rate used six or twelve months earlier.
Thursday’s reading follows a sharp rise in recent months. August averaged 2.954%. July stood at 2.855%, while June came in at 2.798%. May closed at 2.804%. April recorded 2.747%, and March was at 2.565%.
The index stood at 2.267% in December 2025. In October 2025, it was 2.187%. Those figures show how far the rate has moved.
September began at 3.029%. The rate reached 3.379% on 25 September, then fell to 3.329% on 30 September. Other readings were 3.068% on 2 September, 3.160% on 11 September, and 3.374% on 16 September.
Separate monitoring reports recorded a further easing to around 3.329% on 1 October, following late-September readings above 3.37%. This article uses the opening figure of 3.303%.
For mortgage holders, the previous day’s rate is only part of the picture. Variable-rate loans are reviewed information from the timetable set out in each contract. Some are reviewed every six months; others once a year.
The lender compares the applicable Euribor reading with the figure from the previous review period, then adjusts the payment. The Banco de España says the official mortgage index is published after the relevant calculation period and becomes official through the Boletín Oficial del Estado. Secondary reports put September’s monthly average at either 3.247% or 3.251%. The difference appears to reflect preliminary and later or revised publications, so borrowers should rely on the figure used in the official publication for their contract review.
Euribor stands for Euro Interbank Offered Rate. It reflects the interest rate at which major European banks lend to one another across different maturities. Published terms range from one week to twelve months, including one month, three months, and six months.
The 12-month rate has been the basic reference for Spanish mortgages since 1 January 2000. The European Central Bank’s banking-interest-rate statistics offer a wider euro-area context for these market rates and mortgage costs.
The effect on household finances is direct. Around 75% of Spanish mortgages are tied to the indicator, whose movements affect more than 4 million households. An earlier grocery comparison also showed why unrelated savings decisions draw attention, as seen in the earlier grocery comparison.
The rate is calculated from Monday to Friday at 11:00. Spain then publishes it through the Boletín Oficial del Estado. The first October reading is the month’s starting point, not a completed monthly trend.
A one-day fall does not change the broader mortgage picture. The 3.303% reading offers short-term relief, but the higher opening rate keeps borrowing costs above September’s level. For Spanish households, the decisive figure will be the rate used at their contractual review, compared with the previous six- or twelve-month benchmark.
