Mortgages
Fixed, variable or mixed mortgage: which to choose
The difference is who takes the risk that interest rates rise: you or the bank.
Updated 6 November 2026
How each one works
| Type | How the rate is set | The payment | Who it suits |
|---|---|---|---|
| Fixed | A rate agreed for the whole term | Always the same | Those who prefer certainty |
| Variable | Euribor plus a spread, reviewed on the contract's dates | Changes at each review | Those who can absorb a rise |
| Mixed | Fixed for some years, then Euribor plus a spread | Fixed at first, variable afterwards | Those who want stability in the early years |
The Euribor over the past year
The 12-month Euribor was 3.239% in October 2026, more than a point above the 2.187% of October 2025 1,2. On a variable mortgage with a 0.80% spread, that means going from a 2.99% rate to 4.04%.
On variable mortgages signed under Ley 5/2019, the interest rate can't be negative even if the Euribor is, and the contract can't set a floor on the rate, the so-called cláusula suelo 3.
Switching from variable to fixed
You can switch your variable mortgage to a fixed rate with your bank (a novación) or by moving it to another bank (a subrogación). During the first three years of the loan, the maximum fee is 0.05% of the capital you repay, and if you repay no capital there's no fee. After those three years there's none at all 3.
What is the spread?
What the bank adds to the Euribor on a variable or mixed mortgage. It's agreed at signing and stated in the binding offer, the FEIN 3.
Which mortgage works out cheaper?
It depends on what the Euribor does, which nobody knows in advance. A fixed one costs more if rates fall, and a variable one if they rise. Compare the offers' TAE and work out the payment with a higher Euribor to see if you could afford it.
Sources
- Resolución de 3 de noviembre de 2026, del Banco de España, que publica los índices de referencia oficiales de octubre de 2026, entre ellos el Euríbor a un año. BOE-A-2026-23168. www.boe.es/diario_boe/txt.php?id=BOE-A-2026-23168
- Resolución de 3 de noviembre de 2025, del Banco de España, que publica los índices de referencia oficiales de octubre de 2025, entre ellos el Euríbor a un año. BOE-A-2025-22331. www.boe.es/diario_boe/txt.php?id=BOE-A-2025-22331
- Ley 5/2019, de 15 de marzo, reguladora de los contratos de crédito inmobiliario. Texto consolidado, BOE. www.boe.es/buscar/act.php?id=BOE-A-2019-3814
General information, not financial advice. The calculators give estimates: what counts are the terms of your bank's offer. bancos.app is not a bank and isn't linked to any bank.