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SearchThe average 12-month Euribor closed September 2026 at 3.247%, compared with 2.172% a year earlier. The figure could make some mortgage reviews more expensive, but the specific effect depends on the terms and review schedule of each loan.
The monthly average 12-month Euribor closed September 2026 at 3.247%, according to information from Finect, Kelisto and Gibobs. In September 2025, it had been 2.172%: a difference of 1.075 percentage points. The average was also above the 2.954% recorded in August, according to the data cited by Gibobs.
The rise may increase payments on variable-rate mortgages reviewed using the September figure, but it does not automatically affect all loans at the same time or by the same amount. The daily index does not, by itself, determine the monthly payment: reviews use the value specified in the contract, usually a monthly reference.
The change takes effect on the agreed review date, which may be annual, semiannual or, in some contracts, quarterly. The reference month used by the bank also matters: for example, the September figure may be used for reviews in October or November, but this needs to be checked for each loan.
In general terms, the new interest rate is calculated by adding the reference Euribor to the agreed margin. If the index used in the review is higher than the one applied previously, the payment may increase; if it is lower, the payment may decrease. Discounts and other contract terms may also affect the applicable rate.
For this reason, the year-on-year comparison between September 2025 and September 2026 is relevant for an annual review that uses both figures. However, it does not allow the effect of a semiannual review to be calculated directly: in that case, the comparison must be made with the index corresponding to the previous review.
Finect illustrates the change with a loan of €180,785, over 26 years, with an annual review and a margin of 0.608 percentage points. Under those assumptions, the interest rate would go from 2.780% to 3.855%, and the monthly payment from €814.50 to €914.83: €100.33 more per month.
The result is an illustrative calculation made using the Bank of Spain’s simulator and the assumptions described by Finect, not a guaranteed average increase for people with a variable-rate mortgage. The actual payment depends, among other factors, on the outstanding principal, the remaining term, the margin and the timing of the review. To calculate it, it is advisable to use the details in the mortgage deed and the review information provided by the lender.
Gibobs links the index’s rise to the interest rate increase announced by the European Central Bank on September 10, 2026, and notes that the next meeting was scheduled for October 28 and 29. Meanwhile, Josep Soler, founder and executive board member of EFPA Spain, told Finect that Euribor also reflects expectations about the ECB’s next moves. This relationship helps explain how the index evolves, but it does not make it possible to predict with certainty the index’s future value or the payment on a specific mortgage.
The practical takeaway for companies that help their teams with financial information is to distinguish between the published figure and the individual impact: 3.247% describes September’s monthly average, not the final interest rate on all loans or a uniform increase in payments. The review depends on what each contract stipulates.
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