Euribor closes August at 2.95%, marking its highest level since 2024. This increase directly impacts variable mortgages, raising monthly payments for borrowers.
The euribor, the reference rate of the interbank market related to most variable-rate mortgages in Spain, has closed the month of August at 2.95%, its highest level since 2024, when it stood at 3.169%, according to expansion.com.
This increase translates into a rise of 11 basis points compared to July and 84 basis points compared to August 2025, when it was at 2.112%. As a result, a borrower with a variable mortgage of 150,000 euros over 30 years and a margin of 0.99% will see an increase of 70.25 euros per month, which amounts to 843 euros per year.
The spokesperson for iAhorro, Laura Martínez, pointed out that the euribor “is anticipating a tightening of the cost of money by the European Central Bank (ECB)”, which is reflected in the monthly payments of mortgages. Meanwhile, Pedro Ruiz, spokesperson for Personal Finance at Kelisto.es, warned that inflationary pressures, exacerbated by the conflict in the Middle East, are proving to be “more persistent than expected”.
In light of the upcoming ECB meeting in September, where a rise of 25 basis points is anticipated, the market will be attentive not only to this decision but also to how many more increases may be on the way.
Analysts anticipate that the behaviour of the euribor will largely depend on the situation in the Middle East. The index is expected to be close to 3% by the end of 2026, although this forecast could vary depending on diplomatic progress in the region.
In view of this increase, it is recommended that those with variable-rate mortgages assess their repayment capacity in case the euribor reaches 3% or more. If this poses an economic challenge, it is advisable to contact their bank to explore solutions, such as switching to a fixed rate or adjusting the loan duration.
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