Personal finance · 14 November 2026 · 6 min

Euribor November 2026: How Much Will Your Mortgage Rise?

Euribor November 2026: the provisional average is around 3.27%, a point above a year ago. See how much your mortgage rises at the December reset.

As of 14 November 2026, with half of the month's fixings already in, the 12-month Euribor is hovering around 3.2%. According to Rankia's daily tracker, the rate closed the session on Tuesday 10 November at 3.217%, ending a run of four consecutive declines, and the provisional monthly average eased to 3.268%, based on 7 of November's 21 sessions. The question on every borrower's mind is the same: how much will my mortgage payment go up at the December reset?

What is the Euribor rate in November 2026?

The 12-month Euribor for November 2026 is provisionally averaging around 3.27%, with daily fixings close to 3.2% in the second week of the month. That is almost the same as October's average (3.239%) and roughly one percentage point higher than a year ago, when November 2025 closed at 2.217%.

The official average is not known until the month ends: the Bank of Spain publishes it in the first days of December, based on EMMI's daily fixings. Until then, any figure is an estimate that changes with every session.

Why the Euribor is still above 3%

The 12-month Euribor reflects what the market expects the European Central Bank to do over the next year. And right now the market is not pricing in cuts; quite the opposite.

• The ECB has already hiked twice in 2026. After the increases in June and September, the deposit facility rate stands at 2.50%. At its 29 October meeting the ECB left rates unchanged.
• High inflation in Spain. The INE's flash CPI estimate for October held at 4.9%, the same as in September, with core inflation at 3.1%. With prices running this hot, the market expects no monetary relief in the short term.
• Energy and geopolitics. Geopolitical tensions in the Middle East are keeping energy expensive, which weighs on inflation expectations and, with them, on one-year rates. You can follow the impact on crude in our commodities section.

Our take: the Euribor has stopped climbing sharply, but it has no reason to fall while inflation refuses to ease. That is why November looks so much like October.

How much will your mortgage payment rise in December?

If your variable-rate mortgage has an annual reset in December, the bank will usually apply the November average (check your mortgage deed, as some contracts use the figure from two months earlier). We have calculated the payment with a 0.79% margin, comparing the November 2025 Euribor (2.217%) with the current provisional average (3.268%).

Methodology: our own calculations using a standard repayment (French amortisation) schedule, a fixed monthly payment, an assumed 0.79% margin and payments rounded to the nearest euro; with your actual margin the figure will differ. If November closed nearer 3.20%, the increase would be slightly smaller: on the EUR 150,000 example, the payment would be about EUR 791 instead of EUR 797.

If your mortgage resets every six months

Mortgages with a six-monthly reset compare against the average from half a year earlier. Using April 2026 as the reference (2.747%), the increase is gentler: in the EUR 150,000 over 25 years example, about EUR 40 a month, in line with Hipotecas.me's estimate for six-monthly resets.

Euribor forecast: scenarios for the November close

With 7 sessions counted as of 10 November, 14 remain. Our own calculation: for the November average to end below October's (3.239%), the daily Euribor would need to average less than 3.225% over those 14 sessions. With recent fixings around 3.2%, the close is on a knife-edge. Three plausible paths:

1. Stability (the most likely on current data): the rate keeps oscillating near 3.2% and the November average ends very close to October's. For anyone resetting in December, the year-on-year increase would be around one percentage point.
2. Rebound: a worse-than-expected inflation print or more hawkish ECB rhetoric would lead the market to price in a December hike more firmly, and the Euribor would head back towards 3.3%.
3. Easing: a fall in oil prices or signs of a slowdown in the euro area could push daily fixings below 3.2%, although shifting a monthly average halfway through the month is hard.

What to watch in the coming weeks

• Spain's flash CPI for November (INE), at the end of the month, which will show whether inflation is starting to ease from 4.9%.
• Euro area inflation (Eurostat) at the end of the month: the figure that carries most weight with the ECB.
• The ECB meeting on 16 and 17 December 2026. CaixaBank Research puts the probability of a rise in the deposit facility rate to 2.75% at 80%, as reported by Rankia. You can follow the dates in our economic calendar.
• Oil, because of its direct effect on inflation.

Risks and what you can do as a borrower

The main risk for variable-rate borrowers is that 2027 starts with an even more hawkish ECB and that resets in the first half of the year are made with the Euribor above 3.3%. A few options worth studying calmly, with the numbers in front of you:

• Check your mortgage deed: which reference month it uses and whether you have discounts on the margin.
• Compare early repayment to reduce the payment or the term if you have savings you don't need: lowering the payment eases your budget; shortening the term saves more interest.
• Look into switching to a fixed or mixed rate, with your bank or another lender, and get several offers: with rates high, fixed deals have also become more expensive, so it doesn't always pay off.
• If you have idle savings, the upside of these rates is that deposits and Treasury bills pay more than a year ago. We cover these options in personal finance.

This information is for educational purposes only and does not constitute financial advice. Before changing your mortgage, ask your bank for written simulations.

Frequently asked questions

When is the official November 2026 Euribor published?

The Bank of Spain publishes the monthly average in the first days of December, and it then appears in Spain's Official State Gazette (BOE). It is the figure banks will use for December resets.

Will the Euribor fall in December?

With Spanish inflation at 4.9% and the market considering another ECB hike at its 16-17 December meeting, a clear fall is unlikely in the short term. Nobody can guarantee it: it depends on inflation data and on the ECB.

How much does the payment on a EUR 150,000, 25-year mortgage rise in December?

With a 0.79% margin and an annual reset, moving from 2.217% to 3.268% lifts the payment from about EUR 712 to EUR 797 a month: about EUR 85 more, just over EUR 1,000 a year.

Which Euribor applies to my reset?

The one stated in your mortgage deed: almost always the monthly average published by the Bank of Spain for the month before the reset, although some banks use the figure from two months earlier. Look for it in the variable interest rate clause.

Does it affect me if I have a fixed-rate mortgage?

No. The payment on a fixed-rate mortgage does not change with the Euribor. If it is a mixed mortgage, it will only affect you once the fixed period ends.