The choice between a fixed or variable mortgage is clearly leaning towards the first option in Spain. 61.7% of the mortgages on homes constituted in June 2026 were signed at a fixed rate, while 38.3% used a variable interest rate, according to the latest data from the National Institute of Statistics (INE).
The distribution means that practically six out of ten new mortgages are fixed. The difference between both modalities is particularly relevant after several years of strong movements in interest rates: the fixed allows knowing the agreed interest during the life of the loan, while the variable is exposed to revisions of its reference index.
The preference also occurs in a market with high activity. During June, 45,907 mortgages on homes were constituted, 10.8% more than a year earlier, while their average amount reached 178,365 euros. The decision on the interest rate, therefore, affects increasingly larger loans.
Fixed mortgages start with an average interest of 2.89%
The distribution between both modalities is not the only difference shown by the data. The fixed mortgages constituted in June had an average initial interest of 2.89%, compared to the 3.07% recorded among the variable ones.
The distance is 0.18 percentage points in favor of fixed operations. It does not mean that any fixed mortgage offered by a bank is cheaper than any variable one, as the conditions depend on the client, the entity, the term, the financed percentage, and possible bonuses.
It does allow knowing what happened with the loans that effectively were constituted during the month: the average initial interest of fixed mortgages was lower than that of the variable ones. Assuming the risk of future revisions was not accompanied, in the set of those operations, by a lower initial rate.
What really changes between a fixed and a variable mortgage
In a fixed mortgage, the interest rate remains established according to the conditions of the contract during the agreed period. This allows the mortgagor to know in advance the installment derived from the loan and prevents a potential rise in the Euribor from increasing it.
The variables work differently. They are usually constructed by adding a differential established by the bank to a reference index, normally the Euribor. In each review, the evolution of that index can cause an increase or a decrease in the interest and, consequently, in the installment.
The downside is that a variable mortgage can benefit from future drops in the index, while someone with a fixed rate does not automatically receive that reduction. That is why there is no universally better option: the convenience depends on the specific conditions of the offer and the household's ability to handle possible fluctuations.
The ECB has raised rates again in 2026
The monetary scenario has changed over the last few months. The European Central Bank decided on June 11 to raise its three official rates by 25 basis points due to the increase in inflationary pressures caused, among other factors, by the rise in energy prices resulting from the war in the Middle East.
Since June 17, the deposit facility is at 2.25%, the main refinancing operations at 2.40%, and the marginal lending facility at 2.65%. The ECB decided to maintain those levels at its meeting on July 23.
This context helps to economically explain the value that the stability of a fixed loan can have, but it does not allow us to assert that it is the reason why 61.7% of buyers chose it. The INE statistics record the characteristics of the mortgages constituted, but do not ask households about their motivations.
Almost four out of ten mortgages remain variable
The predominance of the fixed rate has not eliminated variable financing. 38.3% of the mortgages on homes constituted in June used this modality, thus continuing to represent a considerable part of the new operations.
Its main potential attraction appears when the reference index decreases. A sufficiently intense drop in the Euribor can reduce the interest applied after the corresponding review, always depending on the conditions established in the contract.
The risk also works in the opposite direction. If the index rises, the cost of the loan can rise with it. That uncertainty fundamentally differentiates this modality from the fixed one and takes on special importance when signing loans for large amounts and for periods that can extend for decades.
The average interest rate remains slightly below 3%
If both modalities are considered together, the average interest rate of new mortgages on homes was 2.96% in June. The average term of the operations was 25 years.
The figure becomes more significant when combined with the size of the loans. The average amount of a new mortgage reached 178,365 euros, 6% more than a year ago and a maximum of the series, so small differences in interest can have appreciable effects when maintained over long periods.
The mortgage market thus presents two simultaneous phenomena: the volume of financing requested by buyers is increasing and the fixed rate continues to be the predominant option to finance those amounts.
Spain has turned around its mortgage market
The current predominance of fixed rates represents a structural change compared to the traditional Spanish market, historically characterized by a high presence of variable mortgages linked to the Euribor.
The succession of strong variations experienced by rates in recent years has brought to the forefront the risk of linking the cost of a debt to a changing index for decades. At the same time, entities have developed a much broader fixed financing offer than existed years ago.
The latest data thus provides a clear answer to the question of fixed or variable mortgage in 2026: among the operations formalized in June, the fixed rate clearly wins with 61.7% against 38.3%. And it does so with an additional circumstance: the fixed mortgages established that month not only provided stability but also started, on average, with a lower interest rate than the variable ones.