15-30-Year hipoteca tipo fijo · Policy rate set by the European Central Bank
Interest-rate futures currently imply that the typical 15-30-Year hipoteca tipo fijo in Spain rises from 3.35% today to 4.10% 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.
Spain has flipped. Before 2022 the market was overwhelmingly variable, a hipoteca variable priced at Euribor plus a spread, which is why Spanish households felt the 2022-2023 hiking cycle faster than almost anyone else in the euro area. Since then the hipoteca a tipo fijo, typically 15 to 30 years, has taken the majority of new business, and mixed products with an initial fixed period followed by a Euribor-linked phase have grown quickly.
The rate quoted above is the ECB's MFI new-business rate for loans for house purchase in Spain, 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 15-30-Year hipoteca tipo fijo | Spread |
|---|---|---|---|
| 2026-10 | 2.50% | 3.40% | +0.90pp |
| 2026-11 | 2.51% | 3.43% | +0.93pp |
| 2026-12 | 2.73% | 3.51% | +0.78pp |
| 2027-01 | 2.73% | 3.57% | +0.84pp |
| 2027-02 | 2.81% | 3.63% | +0.82pp |
| 2027-03 | 2.99% | 3.72% | +0.73pp |
| 2027-04 | 2.99% | 3.79% | +0.80pp |
| 2027-05 | 3.06% | 3.86% | +0.80pp |
| 2027-06 | 3.14% | 3.93% | +0.80pp |
| 2027-07 | 3.19% | 4.00% | +0.81pp |
| 2027-08 | 3.19% | 4.05% | +0.86pp |
| 2027-09 | 3.21% | 4.10% | +0.89pp |
| 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 |