Euribor and Spain's official mortgage reference rates

What the table contains

The Banco de España’s customer portal holds a page titled “Tabla de los tipos de referencia oficiales del mercado hipotecario”, one table per year from 1990. A note on the page says each value links to the Boletín Oficial del Estado (BOE) issue where it was published; the portal’s home page showed “Euríbor septiembre” with a BOE date of 02/10/2026. The columns include the average mortgage rate on loans over three years, the internal yield on Spanish public debt of two to six years, the interbank rates (Euribor at one week, one month, three, six and twelve months, plus a one-year rate labelled Míbor), the euro short-term rate and the five-year interest rate swap. Article 14.5 of Ley 5/2019 confirms that lenders may use the reference indices that the Ministry of Economy publishes directly or through the Banco de España.

The 2026 values, month by month

12-month Euribor, as listed in the Banco de España table:

The average rate on mortgages over three years (free-market housing, all credit institutions) in the same table: June 3.049%, July 3.077%, August 3.134%. January to May run from 2.762% to 2.986%. Between August and September the 12-month Euribor rose by about 0.29 percentage points (3.247% minus 2.954%, a calculation from the table).

Do not mix up the two series. The 12-month Euribor is an interbank market rate; the average mortgage rate is an average of rates actually charged across the banking system. Neither is a quote for your loan.

How a variable rate is revised

Ley 5/2019 sets the frame; your contract fixes the details.

1. Written agreement and objective index. Article 21.1 says the rate cannot be changed to your detriment during the contract unless both parties agree in writing. Where a variable rate is agreed, the cost must move up or down with an objective reference index.
2. What an acceptable index looks like. Article 21.2 requires an index that is clear, accessible, objective and verifiable by the parties and by the authorities, calculated at market cost and not open to the lender’s influence or to agreements among lenders, and based on data aggregated by an objective mathematical procedure.
3. No floor. Article 21.3: in variable-rate operations “no se podrá fijar un límite a la baja del tipo de interés”. Article 21.4 adds that the interest cannot be negative.
4. The revision date and the spread. The contract states which index applies, how often the rate is reset and what margin is added. Those are contractual terms; the law does not fix them. Your FEIN and the separate variable-rate document (art. 14.1.c) must show your instalments under different rate scenarios. Read those scenarios, not only the starting rate.

On how the revised rate then feeds into early repayment, see the guide on early repayment fees, and on the choice of rate type, the guide on fixed or variable mortgages.

Reading the figures with care

The table’s headings are those of the Banco de España page; the page has no formal definitions, so quote the column titles rather than paraphrasing them. For a loan already signed, only the index named in your contract matters, with the revision rules written there.

Which professional to consult

A lender or registered credit intermediary explains the offer; a notary you choose gives the free advice required by Ley 5/2019 (see the overview of the mortgage process). For comparing offers, see mortgage lenders.