Euribor October 2026: Where the Average Stands and How Much Your Spanish Mortgage Will Rise at the November Review

The 12-month Euribor, which the Banco de España calls the main reference index for mortgage loans, will close its October 2026 average with the session on Friday 30 October. It is the figure that many variable-rate mortgages reviewed in November or December will use, and it comes after months of rises: the official September average was 3.247%, 1.075 points higher than a year earlier.

As of 20 October 2026 there is no official figure yet, but 14 of the month's 22 sessions are already known, and with them the provisional average stands at around 3.22%, compared with 2.187% in October 2025. We explain how it is calculated, which mortgages are reviewed with it, how much the payment could rise and what it means if you are buying or selling a home in Madrid.

The October 2026 Euribor, as of 20 October

According to the daily record kept by euribor.com.es, the index opened October at 3.303%, reached the month's high on the 2nd (3.323%) and since the 5th has moved between 3.177% and 3.245%. The session on Monday the 19th closed at 3.233% and Tuesday the 20th at 3.245%. The provisional average, 3.219%, is slightly below September's but 1.032 points above October 2025.

12-month Euribor. The daily value is published by EMMI (European Money Markets Institute, the index administrator), which only offers it free of charge with registration and a 24-hour delay, so we take the daily values from public records. The October average is provisional until the Banco de España publishes the official figure.

How the monthly Euribor average is calculated

On every business day of the European TARGET2 payment system, EMMI publishes Euribor at around 11:00 Central European Time. It measures the rate at which banks could obtain wholesale funding in euros and is calculated from the contributions of a panel of 21 banks, using real transactions whenever they exist. Of its five maturities, the one that matters for mortgages is twelve months. But what applies to your mortgage is not the value for a single day, it is the monthly average:

It is defined as the simple monthly arithmetic mean of the daily values of the euríbor® benchmark.

Banco de España Circular 5/2012, annex 8, section 4 (as worded by Circular 5/2017; our translation)

In other words, the values of all the month's sessions are added up and divided by the number of sessions; each one carries the same weight. October 2026 has 22, the last on Friday 30th. The Banco de España publishes the average as the official rate early the following month, and it then appears in the BOE: September's was published on 1 October (BOE of the 2nd) and October 2025's on 3 November 2025. The eight sessions still to come can only move the average a little:

Our own calculation: (sum of the 14 known sessions + 8 × assumed value) / 22. These are scenarios, not forecasts.

In any of them the October average ends up at around 3.2%, close to September's and roughly one point above a year ago. For a mortgage with an annual review, that is what counts: the gap between the index used at the previous review and the one used now.

Which mortgages are reviewed with the October Euribor

Not every mortgage reviewed in November uses the October figure. Each deed sets a reference month which, according to the Banco de España, is usually "the previous month or the one two months before" the review, and the review may be every six or every twelve months. The most common cases:

• Review in November using the previous month: the October 2026 Euribor applies.
• Review in December with a two-month lag: October's figure also applies.
• Review in November with a two-month lag: September's figure applies (3.247%), already official.
• Review in December using the previous month: November's figure will apply, which does not exist yet.
• With an annual review, the rise depends on the gap with the index from a year ago (2.187% if it was October 2025); with a six-monthly review, on the one from six months ago (2.747% if it was April 2026).

All this is set out in the variable-rate clause of your deed: review date, index, reference month and margin (the points added to Euribor, called the diferencial in Spain). The bank reviews the payment automatically but, as the Banco de España points out, it must tell you the new rate and the new payment in advance.

Table: how much the payment rises at the annual review

We calculated the payment on three sample mortgages using the French system, with the October 2025 Euribor (2.187%) and with the provisional October 2026 average (3.219%), keeping the same outstanding capital and remaining term in both cases to isolate the effect of the index. The second one is close to the average home mortgage in July 2026 according to the INE, €180,785.

Our own calculation using the French formula: payment = C × i / (1 − (1 + i) to the power of −n), where C is the outstanding capital, i the annual rate divided by 12 and n the number of monthly payments left. Approximate: no discounts, insurance or contractual rounding, and the October 2026 Euribor is still provisional.

With the index one point higher, the payment in these examples rises by between €84 and €142 a month, roughly €1,000 to €1,700 a year. If the final figure differs slightly from the provisional one, the change is small: each hundredth of a point means about one euro a month on the €180,000 mortgage. With a six-monthly review starting from the April Euribor (2.747%), the rise is smaller: on the €150,000 mortgage, the payment would go from €770.14 to €809.17, €39.03 more a month.

The ECB meeting on 29 October

The Governing Council of the European Central Bank meets on 28 and 29 October and will announce its decision on the 29th. The previous one, on 10 September, raised the three key rates by 25 basis points and left the deposit facility at 2.50%. For the October average it comes almost at the end of the month: as Euribor is published at around 11:00, at most the session on the 30th will reflect the reaction to the decision, and the index already builds in what the market expects. Where it may show is in November and the following months; we look at this in "ECB Meeting on 29 October 2026: Rate Rise or Pause?".

What it means if you are buying or selling a home in Madrid

If you are buying with a mortgage, Euribor does not change house prices, but it does change how much the bank will lend you on your income and how much you will pay each month. According to the INE, in July 2026 the average rate on new home mortgages was 3.01%, with 62.3% at a fixed rate and 37.7% at a variable rate, over an average term of 26 years. Since then, the official Euribor average has gone from 2.855% in July to 3.247% in September, so it is worth asking for updated offers and comparing the APR (TAE in Spain) in each FEIN (Ficha Europea de Información Normalizada, the European Standardised Information Sheet with the terms of the bank's offer).

In the Madrid region, home mortgages fell 5.2% year on year in July, according to the INE, and in Madrid city the average asking price in September was €6,458 per square metre, 2.4% more than a year earlier and 1.8% less than in June, according to idealista. With 56.1% of home purchases in Spain in July financed with a mortgage, according to the Consejo General del Notariado (General Council of Notaries), every rise in Euribor leaves many buyers with less room.

If you are selling, it affects you in two ways. On the buyer's side: anyone who needs a mortgage has less room today than a year ago, so setting the price based on data and knowing how each interested buyer will pay matters more. And on yours, if your flat has a variable-rate mortgage: the review may raise your payment while you are selling, although the usual approach is to cancel it at the notary with the sale proceeds, as we explain in "Selling a Flat with a Mortgage in Spain in 2026". Before the review, it is wise to:

• Find the review date, the reference month and the margin in your deed.
• Check the official Banco de España figure in early November and recalculate your payment with its simulator or the formula in this article.
• Read the bank's notice with the new rate and, if the payment gets out of hand, talk to the bank before the review.
• If you are buying, compare the APR in each FEIN, not just the interest rate.
• If you are selling, set the price with recent data for your area and know how each interested buyer will pay before the viewing.

How we do it at Llavely

At Llavely we have more than 35 years in the property sector, with specialist lawyers. We sell homes in the Madrid region for 2.5% + VAT of the price, in total, which you only pay if you sell and on the day of signing at the notary, with everything included: valuation, photos, video, floor plan and virtual tour; we carry out the viewings ourselves and you follow every step from your private seller portal. For the buyer, buying with Llavely is free.

We talk to every buyer before showing your home and check their ID before the viewing; if they need a mortgage, we put them in touch, free of charge, with a mortgage broker. We check your identity and ownership using the nota simple (land registry extract showing the owner and any charges) or your purchase deed. Our specialist lawyers review the nota simple, charges and debts, calculate the taxes that apply, draft the arras (the reservation contract with a deposit) and any special clauses where needed, review the deed and go with you in person to the notary. All payments are made by ordinary bank transfer or OMF (orden de movimiento de fondos, the interbank payment used at the notary's office), never in cash.

To be clear: we do not control Euribor or what the ECB decides, and no screening guarantees that a bank will grant a mortgage. What we can do is help you set a realistic price and show your home to buyers who know how they are going to pay for it. If you are thinking of selling, ask for your free valuation: we give you a price range straight away, then we call you (we reply in English by email, message or phone), see the property and fine-tune the price.

Frequently asked questions

Sources

1. Resolution of 1 October 2026 of the Banco de España publishing certain official mortgage market reference rates (BOE, Official State Gazette, no. 244, 2 October 2026)
2. The main reference index for mortgage loans (12-month Euribor) stands at 3.247% in September, press release (Banco de España, 1 October 2026)
3. The main reference index for mortgage loans (12-month Euribor) stands at 2.855% in July, press release (Banco de España, 3 August 2026)
4. The main reference index for mortgage loans (12-month Euribor) stands at 2.747% in April, press release (Banco de España, 4 May 2026)
5. The 12-month EURIBOR (official mortgage market reference rate) stood at 2.187% in October (Banco de España, 3 November 2025)
6. Circular 5/2017 of 22 December of the Banco de España, amending Circular 5/2012 (BOE, 3 January 2018)
7. Some things about Euribor you may find useful (Portal del Cliente Bancario, Banco de España, 24 September 2026)
8. Work out your new mortgage payment (Portal del Cliente Bancario, Banco de España, 28 June 2022)
9. Euribor® FAQs (EMMI, European Money Markets Institute)
10. Euribor today and daily calendar for October 2026 (euribor.com.es, accessed 20 October 2026)
11. 12-month Euribor, 2026 history (global-rates.com, accessed 20 October 2026)
12. Monetary policy decisions, 10 September 2026 (ECB)
13. Meetings of the Governing Council and the General Council (ECB, accessed 20 October 2026)
14. Hipotecas sobre viviendas (Home mortgages), July 2026, press release (INE, National Statistics Institute, 28 September 2026)
15. Home sales record seven consecutive months of decline in July, data from the Consejo General del Notariado (General Council of Notaries) (Alimarket, 30 September 2026)
16. Madrid home prices in September 2026: figures and the most expensive neighbourhoods (idealista/news, 2 October 2026)