What’s the current mortgage interest rate in Spain

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4 September 2025

What is the current mortgage interest rate in Spain (September 2025)?

The average interest rate for new home mortgages in Spain is currently around 2.98%, according to the most recent data from the INE (National Institute of Statistics) for April 2025. This is the overall figure, which summarizes fixed, variable, and mixed rates.

Rates by Type

Variable-Rate Mortgages

The 12-month Euribor, the main benchmark, is around 2.08% in June 2025.
Margins added by banks are typically between 0.70% and 1.2%, placing the typical total rate between 2.8% and 3.2%.

Fixed-Rate Mortgages

Many banks offer competitive fixed rates between 2.25% and 3.0%, depending on the applicant’s profile and the term.
There are occasional offers as low as 2.1%–2.35%, especially if the requirements (payroll, insurance, direct debit) are met.

Mixed Mortgages

These offer a lower initial fixed rate (for example, 1.55%–1.85%) for 5 to 10 years, then convert to a variable rate (Euribor + margin).

Which Should I Choose Today?

Mortgage Type	Current Average Rate	Suitable for…
Fixed	~2,5 %–3,0 %	Those seeking stability and predictability
Mixed	~2,0 %–2,5 % Initial	People with a flexible profile and early repayment plans
Variable	~2,8 %–3,2 %	Those who expect the Euribor to fall further and accept some risk

Conservative profiles should opt for a fixed or long-term fixed-rate mortgage, while more optimistic profiles could consider mixed or even variable rates, depending on the evolution of the Euribor

Why Have Rates Dropped?

The ECB has reduced its benchmark rate to 2% after eight cuts since mid-2024.
Inflation in the eurozone has fallen and stabilized, allowing rates to fall and remain controlled.
Competition among banks has increased, favoring more attractive and flexible conditions depending on the customer profile.

Practical Recommendations

Request specific simulations from several banks, including related services (insurance, payroll).
Consult official comparison sites, such as iAhorro, which reflect real rates agreed upon by Spanish customers.
Assess your profile: good salary, permanent contract, contributing at least 20% of the property’s value… This allows you to access better offers.
Consider professional help: brokers like Trioteca can find exclusive offers, even fixed-rate mortgages below 2% if your situation is solid.

In summary:

Current average interest rate: 2.98% (total new mortgages).
Variable: between 2.8% and 3.2% with the Euribor at 2.08%.
Fixed: offers between 2.25% and 3.0%, with occasional cases of 2.1%.
Mixed: intermediate option with a low fixed-rate first phase and then a variable-rate later.

The mortgage is a very important decision when buying a home. As experts in the real estate sector and, above all, as buyer agents that we are, our advice is that you always let yourself be advised by professionals who know which mortgage is best for each person.

Marbella WOHNEN Immobilien

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