The Euribor closes July 2026 at 2.86%: highest since September 2024

The monthly average of the 12-month Euribor for July 2026 came in at 2.86% (2.855% in the official series, published in Spain’s BOE on 4 August). It is the highest reading since September 2024 and the seventh month of 2026 without a breather: the gentle upward trend that started early in the year remains intact.

The figure in context

• July 2026: 2.86% (monthly average; 2.855% in the official series)
• 2026 so far: January 2.25 · February 2.22 · March 2.57 · April 2.75 · May 2.80 · June 2.80 · July 2.86
• Partial 2026 average: ~2.60%
• 2025 annual average: 2.22%
• Previous cycle’s peak: 3.87% (2023) · All-time low: −0.49% (2021)

The first days of August point the same way: the month’s provisional average is around 2.92% with only a handful of trading sessions, so August could set another high if the market doesn’t change tone. We remain far from 2023’s 3.87%, but the falling phase is over: markets are no longer pricing in quick ECB cuts.

What it means if your mortgage resets now

If your variable mortgage resets against the July average, your new rate will be 2.86% plus your spread. For the typical loan of €150,000 outstanding over 25 years with a 1% spread (resulting rate: 3.86%):

• Payment at last year’s Euribor (around the 2025 average): about €729/month
• Payment at the July 2026 average: about €780/month

That’s a rise of roughly €50 a month at the annual reset for that profile — about €5 more than last month’s equivalent reset. Every case depends on the outstanding capital, remaining term and spread: work out yours in a minute with the Euribor impact calculator or simulate the full operation in the mortgage calculator.

And the next resets?

Nobody knows where the index will be in a year — distrust anyone who claims otherwise. With the Euribor at two-year highs, two practical ideas:

1. If your reset is coming in the next few months, budget with today’s figure, not last year’s: the year’s direction is clearly upward.
2. If you’re weighing a switch from variable to fixed or mixed, it’s a reasonable moment to compare: our guide to mortgage types explains when each option pays off, and the mortgage comparison lists the live offers of 39 banks, updated with this same reference Euribor.

Notice: this analysis is informational content, not financial advice. The data comes from the official ECB series and can also be checked at the Bank of Spain and EMMI, the index administrator.