20-Year fixed · Policy rate set by the European Central Bank
Interest-rate futures currently imply that the typical 20-Year fixed in Belgium rises from 3.70% today to 4.45% by 2027-09, about 75 basis points higher. This is not a forecast: it is the mortgage rate consistent with what markets are already pricing for European Central Bank policy.
Data as of 2026-10-20. Derived from interest-rate futures pricing for the policy rate, plus this market's long-run mortgage spread, pass-through factor and transmission lag. Market pricing changes daily and has been wrong before. Not financial advice.
Belgium is a long-fixed market: the great majority of new lending is fixed for 20 to 25 years, and variable products carry statutory caps on how far and how fast the rate may move. That combination makes the Belgian outstanding stock one of the least rate-sensitive in the euro area, while new-business rates track the long end of the swap curve.
The rate quoted above is the ECB's MFI new-business rate for loans for house purchase in Belgium, so it reflects what borrowers are actually signing today rather than the stock of existing loans.
The euro area has one policy rate and one futures curve. This table applies the euro-area composite's implied 12-month change to this member's current new-business rate; it does not model a separate national pass-through.
| Month | Implied ECB Deposit Rate | Projected 20-Year fixed | Spread |
|---|---|---|---|
| 2026-10 | 2.50% | 3.75% | +1.25pp |
| 2026-11 | 2.51% | 3.78% | +1.28pp |
| 2026-12 | 2.73% | 3.86% | +1.13pp |
| 2027-01 | 2.73% | 3.92% | +1.19pp |
| 2027-02 | 2.81% | 3.98% | +1.17pp |
| 2027-03 | 2.99% | 4.07% | +1.08pp |
| 2027-04 | 2.99% | 4.14% | +1.15pp |
| 2027-05 | 3.06% | 4.21% | +1.15pp |
| 2027-06 | 3.14% | 4.28% | +1.15pp |
| 2027-07 | 3.19% | 4.35% | +1.16pp |
| 2027-08 | 3.19% | 4.40% | +1.21pp |
| 2027-09 | 3.21% | 4.45% | +1.24pp |
| Country | Typical Product | Mortgage Rate | Spread vs ECB |
|---|---|---|---|
| Slovakia | Fixed-period mortgage (3-5 yr) | 4.30% | +1.80pp |
| Estonia | Euribor-linked variable | 4.20% | +1.70pp |
| Latvia | Euribor-linked variable | 4.00% | +1.50pp |
| Greece | Fixed-period mortgage | 3.90% | +1.40pp |
| Lithuania | Euribor-linked variable | 3.90% | +1.40pp |
| Netherlands | 10-30-Year fixed | 3.85% | +1.35pp |
| Cyprus | Fixed-period mortgage | 3.85% | +1.35pp |
| Italy | 20-30-Year mutuo a tasso fisso | 3.75% | +1.25pp |
| Ireland | 3-5-Year fixed | 3.75% | +1.25pp |
| Belgium | 20-Year fixed | 3.70% | +1.20pp |
| Germany | 10-Year Festzinsbindung | 3.65% | +1.15pp |
| Austria | 10-15-Year fixed | 3.60% | +1.10pp |
| Slovenia | Fixed-rate mortgage | 3.60% | +1.10pp |
| Portugal | Mixed / fixed-period mortgage | 3.55% | +1.05pp |
| Croatia | Fixed-rate mortgage | 3.55% | +1.05pp |
| Luxembourg | Fixed-rate mortgage | 3.55% | +1.05pp |
| France | 20-25-Year taux fixe | 3.45% | +0.95pp |
| Spain | 15-30-Year hipoteca tipo fijo | 3.35% | +0.85pp |
| Finland | Euribor-linked variable | 3.35% | +0.85pp |
| Malta | Variable-rate mortgage | 3.30% | +0.80pp |