El 12-month Euribor todayOn Thursday, January 29, 2026, it stands at 2,228%. in its daily price, which represents a 0,018 point drop Compared to the previous day's figure, it's a moderate movement, but it fits within a scenario of stability after the sharp fluctuations experienced in recent years.
With today's data, the provisional average for January It stands at around 2,246%.slightly below the 2,267% at which December closed. This small downward correction breaks a six-month streak of increases and confirms that the mortgage indicator has become stuck in a range close to 2,2%-2,3%where it has been moving smoothly for several months now.
Euribor data for today, January 29th, and recent movements
Today's figure (2,228%) marks another smooth adjustment And it comes in a week where the index had shown more days of increases than decreases. Thursday's drop breaks that slight upward trend and reinforces the feeling that the Euribor is actually in a more stable position. stability scenario.
For the month as a whole, The monthly average for January consolidates at around 2,246%.It's just a few hundredths lower than in December. It's a modest drop, but significant because it's the first time in about six months that the average Euribor rate has fallen compared to the previous month, after several consecutive increases.
This behavior fits with the idea of ​​a much calmer interest rate marketThe Euribor is no longer skyrocketing as it did in 2022 or part of 2023, but is fluctuating within a narrow range, reflecting the absence of abrupt shifts in the monetary policy of the European Central Bank (ECB).
In annual terms, the current value also marks a change in tone. A year ago, in January 2025, the average was around 2,525%., clearly above the level at the beginning of 2026. This difference of almost three tenths is what is starting to be noticeable in the annual reviews of many mortgages.
Daily evolution of the Euribor in January 2026
If you look at the path of January 2026 day by dayA pattern of small fluctuations is observed, without large jumps or collapses. Among the main records for the month are:
- 29 / 01 / 2026: 2,228%
- 28/01/2026: 2,246%
- 27/01/2026: 2,249%
- 26/01/2026: 2,247%
- 23/01/2026: 2,243%
- 22/01/2026: 2,216%
- 21/01/2026: 2,228%
- 20/01/2026: 2,236%
- 19/01/2026: 2,259%
- 16/01/2026: 2,248%
- 15/01/2026: 2,253%
- 14/01/2026: 2,251%
- 13/01/2026: 2,250%
- 12/01/2026: 2,249%
- 09/01/2026: 2,251%
- 08/01/2026: 2,247%
- 07/01/2026: 2,259%
- 06/01/2026: 2,261%
- 05/01/2026: 2,255%
- 02/01/2026: 2,245%
Throughout the month, the index has always moved within a very tight range, just a few hundredths up or down, which reinforces the idea of ​​a period of relative calm for mortgage holders compared to the peaks of more than 4% recorded in the recent past.
Monthly average of the Euribor and comparison with recent months
Looking at it from a slightly broader perspective, the The average monthly Euribor rate in January 2026 is around 2,246%., slightly below the figure recorded the previous month. This is the trend for the last twelve full months:
- January 2026: 2,246%
- December 2025: 2,267%
- November 2025: 2,217%
- October 2025: 2,187%
- September 2025: 2,172%
- August 2025: 2,114%
- July 2025: 2,079%
- June 2025: 2,081%
- May 2025: 2,081%
- April 2025: 2,143%
- March 2025: 2,398%
- February 2025: 2,407%
- January 2025: 2,525%
This sequence confirms that 2025 was a year of clear moderationThe Euribor opened above 2,5% and closed slightly below its starting level, after several months of consolidating below 2,4%. The start of 2026 follows the same pattern, with very limited changes and the index stabilizing around 2,2%-2,3%.
For mortgage holders, that difference of almost three tenths between the current average for January and that of January of last year It marks a clear boundary: those who review now with reference to twelve months ago begin to notice some relief in the fee, while those who review against six months ago still find a slightly more expensive Euribor.
What is the Euribor and why is it so important for mortgages?
El Euribor (Euro Interbank Offered Rate) is the index that reflects the average interest rate at which a group of large European banks lend money to each other in the interbank marketIt is calculated over different periods (one week, one month, three, six and twelve months), although the most commonly used for mortgages is 12 months.
Every working day, around 11:00 a.m., the estimates of interest from these entities are collected, the extremes are cleaned out, and a representative value is obtained. That daily data is then used to calculate the average for each month, which is the reference applied to most variable mortgages in Spain.
Its relevance is enormous because It serves as the basis for setting the interest rate of many financial products.From personal loans to business loans and, above all, mortgages. In the most common variable-rate mortgages in Spain, the bank applies a spread (for example, Euribor + 1%) and reviews the payment every six or twelve months depending on how the index has changed.
This implies that Any rise in the Euribor rate makes the mortgage more expensive. And any decrease makes it cheaper. It doesn't happen overnight, but it does at the time of the review stipulated in the contract. That's why millions of households closely monitor the indicator's evolution, even if the movements are only a few hundredths of a percent.
Since its introduction as the main benchmark for mortgages in the eurozone, the 12-month Euribor has become the key thermometer of the cost of financing in Europe and an indicator that families, businesses, and investors alike pay attention to.
How and when is the Euribor calculated each day?
El The daily Euribor is determined from Monday to Friday.This calculation is performed mid-morning, provided it falls on a working day, and is based on contributions from a panel of leading financial institutions in the euro area. The result is published shortly afterward.
In Spain, the The official reference is published in the Official State Gazette (BOE)This index compiles the monthly average value, which banks and notaries then use to review mortgage contracts. Financial media and specialized websites also update the data daily, allowing users to track the index's evolution almost in real time.
This procedure guarantees that the Euribor will be a transparent and comparable indicator between entities and countries, since it relies on a common methodology and homogeneous information from major European banks.
Impact of today's Euribor on variable mortgages
Today's exchange rate, January 29, 2026, is framed within a somewhat paradoxical situation for households: Not all variable-rate mortgage holders are experiencing the same thingMuch depends on whether the loan review is annual or semi-annual.
In mortgages with annual reviewThe benchmark rate from a year ago (January 2025) was significantly higher, at around 2,525%. This means that, when updating the interest rate now using the current average (around 2,246%), the installment tends to go downFor an average mortgage of €150.000 over 25 years with Euribor + 1%, different simulations point to decreases close to 20-25 euros per monthwhich translates into a few hundred euros in savings per year.
In contrast, those who have a semiannual review They start from a different reference level: the average for July 2025 was around 2,079%, below the value for January 2026. In this case, the update causes a slight increase in the fee, on the order of ten euros per month for that same type of mortgage, which means a little over 80-90 euros extra per semester.
Aside from these differences, the current context remains much more manageable than it was two years ago, when The Euribor climbed to over 4%. and caused a surge in mortgage payments in a short period. Today, with the rate clearly stabilized below 3%, monthly payments are, on average, around 150 euros lower than during those tense times for a standard mortgage.
Euribor stability and forecasts for the coming months
Analysts agree that the The Euribor has entered a phase of relative stagnation. Following the upward corrections of recent years, inflation in the eurozone has moderated and the ECB is keeping official interest rates unchanged, reducing the incentive for the index to move sharply.
Several experts in the mortgage sector suggest that, barring any surprises in monetary policy, The Euribor will tend to remain within a narrow range for much of 2026. Forecasts from analysis firms and financial institutions place it, for the end of the year, in a range that is approximately between 2,17% and 2,25%.
Sources from comparison sites and specialized portals indicate that The most likely range for this year is between 2,20% and 2,30%.In other words, the index could move close to current levels, with small ups and downs, but without repeating the rapid climbs seen in the recent past.
However, the economic environment remains delicate. Geopolitical uncertainty, potential spikes in energy prices, or renewed trade tensions could alter inflation and growth expectations, thereby influencing the ECB's future decisions. This combination means that, although the central scenario is one of stability, Some isolated incidents cannot be ruled out if an unexpected shock occurs.
How mortgages are changing: fixed, variable and mixed
Despite the recent calm in the Euribor, the Spanish mortgage market has shifted sharply in recent years towards... hiring of fixed rate mortgagesAccording to the most recent data from the National Institute of Statistics (INE), approximately two-thirds of new transactions are signed at a fixed rate, while around one-third are subscribed at a variable rate, a category that also includes mixed loans.
Until 2021, the norm was just the opposite: Variable mortgages clearly predominatedThese mortgages started with lower interest rates than fixed-rate mortgages. However, the rapid rise in the Euribor and official interest rates from 2022 onwards changed household preferences, with people beginning to place more emphasis on the security of always paying the same monthly payment.
Today, the market offers fairly tight initial rates in both types. The latest data from the INE (National Institute of Statistics) places the average interest rate for new home mortgages at around 3%, with a minimal difference between fixed rates (around 2,9%) and variable rates (around 3,0%). For many buyers, this small gap makes opting for a fixed monthly payment throughout the loan term particularly attractive.
This change is also reflected in the global figures: 2025 is on track to be one of the best years in terms of the number of mortgages signed since 2010With over 460.000 housing transactions through November and a significant number of fixed-rate mortgages, the average loan amount has also increased, exceeding €170.000 in several months, in line with rising housing prices in many areas.
What can someone who signs a mortgage in 2026 expect?
Even if the Euribor remains stable, experts warn that New mortgages signed in 2026 tend to be somewhat more expensive. than the best deals seen in 2025. Not so much because of a change in the benchmark index, but because the market has entered another phase.
During 2025, competition between banks was especially intense, particularly in the fixed-rate segmentThis led to some very aggressive offers. With their loan portfolios already well-stocked, many institutions no longer need to fight for every deal by slashing margins to the limit, so the rates offered are beginning to normalize upwards.
Added to this is the evolution of long-term benchmarks such as the IRS (Interest Rate Swap) for 30 yearsThis indicator measures the expected cost of money over very long periods and is used by banks to hedge against the risk of offering fixed rates for decades. In 2025, this benchmark rose by about one percentage point, increasing the cost of hedging for financial institutions and ultimately impacting the rates they offer customers.
All of this paints a picture in which, even with a relatively contained Euribor, Buyers will find somewhat less advantageous conditions than those of a few months ago, especially if you're looking for a very low fixed rate. However, current levels remain historically moderate compared to other periods of higher interest rates.
With today's Euribor at 2,228% and the January average stabilized at around 2,246%, the outlook for mortgage holders remains relatively calm: annual reviews of variable rates are starting to lower monthly payments, semi-annual reviews are still showing slight increases, and the index is moving within a narrow band awaiting the ECB's next steps. Meanwhile, the Spanish mortgage market is consolidating a clear shift towards fixed-rate loans and faces 2026 with rates that are somewhat higher than last year, but still manageable for many households.
