Mortgage Rates Across Spanish Cities

Purchasing a new apartment in Burgos now consumes 38% of the average income, according to data identified on April 14, 2026. This development highlights the increasing financial burden on homebuyers in the region, where the cost of new construction is significantly impacting household disposable income.

Mortgage Market Conditions in Spain 2026

The broader Spanish mortgage market in 2026 is characterized by a downward trend in interest rates following several key rate cuts by the European Central Bank between 2024 and 2025. This shift has altered the attractiveness of different loan structures for both residents and non-residents.

As of early 2026, the Euribor stood at 2.43% in January. This represents a notable decrease from the peak of 4.16% recorded in October 2023, making variable-rate mortgages more advantageous than they were in previous years.

Current Interest Rate Benchmarks

Data from early 2026 indicates a variety of mortgage rate options depending on the borrower’s residency status and the type of loan selected:

• Fixed Rates (Fijo): Rates for residents range between 2.5% and 3.5%, while non-residents face higher rates between 3.2% and 4.5%.
• Variable Rates: For residents, these typically consist of the Euribor plus a spread of 0.50% to 1.20%. Non-residents face a spread of 0.80% to 1.99% above the Euribor.
• Mixed Rates (Mixto): These loans offer a fixed rate for a period of 3 to 10 years before transitioning to a variable rate.

Other market indicators for 2026 show an average mortgage rate of 3.04%, with the lowest spotted rates reaching 2.44%. Variable interest rates continue to be tied closely to the Euribor rate.

Official Reference Rates and Trends

Official data from the Bank of Spain (BdE) provides a detailed view of the mortgage market’s reference rates for the first quarter of 2026. For mortgage loans with a term of over three years for house purchases, the average rate for all credit institutions was 2.762% in January and 2.819% in February.

By March 2026, the average rate for all credit institutions shifted to 2.488%. During this same period, the 12-month Euribor showed fluctuations, starting at 2.245% in January, moving to 2.221% in February, and reaching 2.565% by March.

Challenges for Non-Resident Buyers

Foreign buyers in Spain encounter a different process than domestic borrowers. Spanish banks do not apply standard fixed interest rates for foreigners; instead, each institution maintains its own interest rate policy for buyers from abroad.

Interest rate offers are tailored to the specific buying profile of the applicant. Banks assess the individual’s profile to determine the applicable rate, meaning there is no uniform rate for non-resident applicants across the banking sector.

This personalized assessment impacts the maximum purchase price a buyer can achieve and the amount of personal contribution required to secure the loan.