Bank of Spain publishes December 2025 official mortgage reference rates with one-year Euribor at 2.267%

The Bank of Spain published its monthly update of official reference rates used for variable-rate mortgage loans in Spain, showing that the one-year Euribor averaged 2.267% in December 2025, broadly stable versus November (2.217%) and 0.169 percentage points lower than a year earlier. The update also provides the other Euribor tenors (1.918% one-week, 1.915% one-month, 2.048% three-month, 2.139% six-month), the five-year interest rate swap benchmark at 2.548%, and the official €STR-based compounded reference rates ranging from 1.928% (one-week) to 2.208% (one-year). One-year Míbor was 2.267%; while it has been removed from the list of official rates for new operations, it remains applicable for contracts signed before 1 January 2000 and will continue to be published monthly. For contracts without a substitute rate or that reference discontinued indices, substitution is made to the official rate for the average mortgage rate on loans over three years for house purchase granted by Spanish credit institutions, plus a differential calculated from historical spreads. The Bank of Spain noted that the official reference rates become valid once published in Spain’s Official State Gazette, typically a few days after dissemination, and that certain other official rates are updated separately in the Statistical Bulletin.