The Euribor continues its climb and once again hits millions of families with variable-rate mortgages. The main indicator used to calculate most mortgage loans in Spain closed May at around 2.8%, marking its third consecutive monthly increase and reaching a 20-month high.
The rise comes in a context marked by the resurgence of inflation in the eurozone and expectations of further interest rate hikes by the European Central Bank (ECB), which is causing a progressive increase in mortgage payments and greater pressure on Spanish households.
How much does an average mortgage increase with the new Euribor?
Taking as a reference an average mortgage of 150,000 euros over 25 years with a differential of Euribor +1%, the annual review will result in an approximate increase of:
- 57 euros more per month.
- 685 euros more per year.
The figure may vary slightly depending on the specific loan conditions, but it serves as a reference for thousands of mortgage holders who will review their payments in the coming weeks.
In numbers
Practical example for a typical variable-rate mortgage:
- Outstanding principal: 150,000 euros.
- Remaining term: 25 years.
- Differential: +1%.
With the May 2025 Euribor (2.081%), the monthly payment was around 685 euros.
With the May 2026 Euribor (2.804%), the monthly payment rises to approximately 742 euros.
Result: about 57 euros more each month.
Why the Euribor is rising
Markets are anticipating that the ECB will further tighten its monetary policy to contain inflation, especially after the energy and geopolitical tensions recorded in recent months.
Eurozone inflation rose to 3% in April, moving away from the 2% target set by the European Central Bank, which has led investors to anticipate further rate hikes during 2026.
The result is an immediate reaction from the Euribor, which has gone from levels close to 2.1% a year ago to now being above 2.8%.
How much you will pay depending on your mortgage amount
The increase does not affect all loans equally. The higher the outstanding principal, the greater the impact:
| Outstanding principal | Approximate monthly increase | Approximate annual increase |
|---|---|---|
| 100,000 € | +38 € | +456 € |
| 150,000 € | +57 € | +685 € |
| 200,000 € | +76 € | +912 € |
| 250,000 € | +95 € | +1,140 € |
Approximate calculations for 25-year mortgages with a 1% differential and annual review.
Fixed-rate mortgages are regaining attractiveness
Faced with the volatility of the Euribor, more and more buyers are opting to secure their installments through fixed-rate loans. According to the latest available data, nearly 64% of new mortgages signed in Spain are now fixed-rate, a trend that has consolidated after the strong fluctuations of the indicator recorded in recent years.
What could happen in the coming months
Analysts rule out a quick return to levels close to 2% that were registered at the beginning of the year for now. Forecasts place the Euribor in a range between 2.3% and 2.9% in the coming months, depending on the evolution of inflation and the decisions adopted by the ECB.
If inflation remains high and the European Central Bank maintains interest rate hikes, mortgage installments could continue to increase during the second half of 2026. Conversely, a relaxation of energy tensions and a moderation of prices could allow for a stabilization of the indicator.