スペインの住宅ローン金利:ECB市場価格による12カ月予想

スペインの住宅ローン金利:ECB市場価格による12カ月予想

15-30-Year hipoteca tipo fijo · Policy rate set by the European Central Bank

Estimated, not live: The ECB MFI interest-rate series for this member did not return a value on the last run. The figures below are periodically recalibrated estimates, not a live reading.

Will スペイン mortgage rates go up or down over the next 12 months?

Higher +56bp

Interest-rate futures currently imply that the typical 15-30-Year hipoteca tipo fijo in スペイン rises from 3.35% today to 3.91% by 2027-08, about 56 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.

Today
3.35%
15-30-Year hipoteca tipo fijo
Implied in 12 months
3.91%
2027-08
Implied change
+56bp
Policy rate 2.25% → 2.98%

データ更新日 2026-09-05. 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.

Mortgage Rate
3.35%
15-30-Year hipoteca tipo fijo
ECB Deposit Rate
2.25%
Shared by all 20 members
Spread vs ECB
+1.10pp
Lender margin over policy
10Y Govt Bond
3.15%
Harmonised long-term rate

How mortgages work in スペイン

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 スペイン, so it reflects what borrowers are actually signing today rather than the stock of existing loans.

Implied 12-month path for スペイン

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.

Implied ECB Deposit Rate予測 15-30-Year hipoteca tipo fijoスプレッド
2026-102.47%3.39%+0.92pp
2026-102.47%3.42%+0.95pp
2026-112.55%3.46%+0.91pp
2026-122.68%3.52%+0.84pp
2027-012.68%3.57%+0.88pp
2027-022.75%3.62%+0.87pp
2027-032.86%3.68%+0.83pp
2027-042.86%3.73%+0.88pp
2027-052.92%3.78%+0.87pp
2027-062.96%3.83%+0.87pp
2027-072.98%3.88%+0.90pp
2027-082.98%3.91%+0.93pp

スペイン compared with the rest of the euro area

Typical Product住宅ローン金利Spread vs ECB
スロバキアFixed-period mortgage (3-5 yr)4.30%+2.05pp
エストニアEuribor-linked variable4.20%+1.95pp
ラトビアEuribor-linked variable4.00%+1.75pp
ギリシャFixed-period mortgage3.90%+1.65pp
リトアニアEuribor-linked variable3.90%+1.65pp
オランダ10-30-Year fixed3.85%+1.60pp
キプロスFixed-period mortgage3.85%+1.60pp
イタリア20-30-Year mutuo a tasso fisso3.75%+1.50pp
アイルランド3-5-Year fixed3.75%+1.50pp
ベルギー20-Year fixed3.70%+1.45pp
ドイツ10-Year Festzinsbindung3.65%+1.40pp
オーストリア10-15-Year fixed3.60%+1.35pp
スロベニアFixed-rate mortgage3.60%+1.35pp
ポルトガルMixed / fixed-period mortgage3.55%+1.30pp
クロアチアFixed-rate mortgage3.55%+1.30pp
ルクセンブルクFixed-rate mortgage3.55%+1.30pp
フランス20-25-Year taux fixe3.45%+1.20pp
スペイン15-30-Year hipoteca tipo fijo3.35%+1.10pp
フィンランドEuribor-linked variable3.35%+1.10pp
マルタVariable-rate mortgage3.30%+1.05pp

Frequently Asked Questions

On current market pricing, no. Futures pricing implies the typical 15-30-Year hipoteca tipo fijo in スペイン rises from 3.35% today to 3.91% by 2027-08, about 56 basis points higher. That path assumes the European Central Bank policy rate follows the futures curve and the mortgage spread returns to its long-run average of 1.30 percentage points. It is what the market implies, not a forecast.

The typical mortgage in スペイン is the 15-30-Year hipoteca tipo fijo, currently 3.35% as of 2026-09-05. The European Central Bank policy rate is 2.25%, so borrowers pay a spread of 1.10 percentage points over the policy rate, covering the lender's funding cost, credit risk and margin.

About 85% of a European Central Bank policy rate change reaches the typical mortgage rate in スペイン, and it takes roughly 4 months to get there. The rest is absorbed by the lender's spread, which moves with bond yields, funding conditions and competition rather than with the policy rate itself.

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