The 12-month Euribor moved again in 2026. On 30 April 2026 it stood at 2.848%, after starting January at 2.245% and April at 2.845%. For borrowers with indexed loans, the key is not guessing the next rate: it is understanding when the contract resets and how that affects the instalment.
The starting point
Euribor is a market benchmark and may move quickly. In a variable-rate mortgage, the rate usually results from benchmark plus spread. That is why two loans with the same Euribor may have different instalments if spreads, insurance, terms or balances differ.
When it affects the instalment
The reset does not happen every day: it depends on the benchmark tenor in the contract. According to the Bank of Portugal, the applicable value is based on the simple arithmetic average of daily quotations in the month before the interest period. Before deciding, check the reset date and benchmark in your ESIS.
How to decide without chasing the rate
Compare scenarios with the current instalment, a fixed or mixed rate and a possible transfer. The decision should look at APRC, total amount payable, remaining term, insurance, optional bundled products and transaction costs. A lower first-month instalment does not always mean a lower total cost.