Spain mortgage rate eases to 3.00% in September 2026

The average interest rate on new mortgage lending by banks in Spain stood at 3.00% in September 2026, according to the Banco de España. The figure covers new business across all fixation periods. It therefore reflects the price of loans agreed during the month rather than the rate paid on the existing stock of mortgages.

The September reading is a small step down from August 2026, when the average rate was 3.07%. Housing Market Group calculates the monthly decline at 0.07 percentage points, based on Banco de España figures. The easing came after a rise in August. Earlier in the year the rate moved within a narrower band. It was 2.87% in May 2026 and 2.90% in June and in July 2026. September therefore sits below the August figure but above each of the months from May to July.

Over a longer horizon, borrowing costs for new home loans are higher than they were a year ago. In September 2025 the Banco de España recorded an average rate of 2.66%. HMG calculates that the September 2026 figure is 0.34 percentage points above that level. The September decline has so far offset only part of the increase seen since September 2025.

Spain remains a comparatively low-cost market for mortgage borrowers when set against Germany. According to the Deutsche Bundesbank, the average rate on new bank mortgages across all fixation periods in Germany was 4.09% in September 2026, well above the Spanish figure for the same month. The direction over the year has been very similar in both countries, however. HMG calculates that the German rate rose by 0.35 percentage points between September 2025 and September 2026, almost matching the 0.34 percentage point increase recorded in Spain over the same period.

Taken together, the figures show that Spanish mortgage rates eased in September 2026 after rising in August, while staying above the levels seen in May, June and July 2026 and in September 2025. The annual increase in Spain was close to that recorded in Germany, although Spanish borrowers continued to face a lower average rate than their German counterparts. The monthly and annual changes cited here were calculated by Housing Market Group from the published central bank figures.