The Bank of Spain published its monthly set of official reference interest rates for variable-rate mortgage lending in Spain for January 2026, with the one-year Euribor at 2.245%, broadly unchanged from December (2.267%) and 0.280 percentage points lower than a year earlier. Alongside the one-year Euribor, the update reports Euribor-based indices for shorter tenors and other official benchmarks: one-week Euribor 1.895%, one-month 1.961%, three-month 2.028% and six-month 2.137%; the five-year interest rate swap (IRS) at 2.540%; and Euro short-term rate (ESTR) compounded-reference rates at 1.934% (one week), 1.933% (one month), 1.934% (three months), 1.937% (six months) and 2.125% (one year). It also lists the one-year Mibor at 2.245%, noting that while it is no longer in the official list for new use, it retains official status for operations formalised before 1 January 2000 and will continue to be published. The Bank of Spain notes that these official reference rates become valid once published in Spain’s Official State Gazette, typically a few days after dissemination. It also flags that certain other official rates will be updated in its statistical bulletin around the 20th of the month and reiterates the contractual fallback where a reference rate disappears and no valid substitute is specified, using a designated mortgage average rate plus a calculated differential.
Bank of Spain 2026-02-02
Bank of Spain publishes January 2026 official mortgage reference rates with one-year Euribor at 2.245%
The Bank of Spain released its January 2026 official reference interest rates for variable-rate mortgages, with the one-year Euribor at 2.245%, slightly down from December. Additional rates include the one-week Euribor at 1.895% and the five-year interest rate swap at 2.540%. The one-year Mibor remains at 2.245% for pre-2000 operations despite its removal from the official list for new use.