Euribor is rising again and mortgage payments in Portugal went up in October. What to check in your contract
Mortgage payments in Portugal had their biggest rise in about three years in October, and Euribor went up again on all terms. The European Central Bank meets on 28 and 29 October. Here is why your payment goes up, and when.
In this article
If you have a variable-rate mortgage in Portugal, your October payment may have been higher. It is not a mistake by your bank. It is the result of Euribor rising over the last few months.
Here is what happened, why not everyone feels the rise at the same time, and where to find the date your own payment changes.
Mortgages in Portugal work differently
In many countries, buyers fix their rate for 25 or 30 years. In Portugal, most mortgages have a variable rate. The rate follows Euribor and is updated on fixed dates set in your contract.
Some contracts have a mixed rate. That means a fixed rate for the first years and a variable rate after that.
What is Euribor?
Euribor is the rate at which European banks lend money to each other. It is the same for every bank in the euro area.
Euribor + spread = your mortgage rate.
Euribor changes over time. The spread is the lender's margin. It is written in your contract and only changes if you renegotiate it.
Is Euribor rising?
Yes. Euribor has been rising for months and went up again on all three terms on 20 October 2026. According to ECO, a Portuguese business newspaper, the 3-month rate rose for 13 months in a row and the 6-month rate for 11.
In September 2026, the average 12-month rate went above 3% for the first time since August 2024.
| Euribor term | September average | 20 October |
|---|---|---|
| 3 months | 2.636% | 2.646% |
| 6 months | 2.914% | 3.017% |
| 12 months | 3.243% | 3.245% |
September averages from ECO (for the 12-month term, up to 29 September). Values for 20 October 2026 from the Lusa news agency, published by CNN Portugal.
The 6-month rate is the most common one in Portugal. Banco de Portugal, the country's central bank and regulator, says it is used in 40.3% of variable-rate mortgages (August data, quoted by Lusa).
How much did mortgage payments go up in October?
On a 150,000 euro mortgage over 30 years with a 1% spread, the monthly payment went up by 25 to 91 euros, depending on the Euribor term. According to ECO, it is the biggest rise in about three years.
| Euribor term | Before | October | Difference |
|---|---|---|---|
| 3 months | 660 € | 685 € | +25 € |
| 6 months | 659 € | 709 € | +50 € |
| 12 months | 646 € | 737 € | +91 € |
ECO's figures (30 September 2026) for a 150,000 euro mortgage over 30 years with a 1% spread, rounded to the euro. The comparison is with the payment before this update. Your real payment depends on what you still owe, the time left and your spread.
The jump is bigger on 12-month contracts. That term is not riskier. These contracts are only updated once a year, so they take the whole rise at once.
A simple example.
A family has a 150,000 euro mortgage linked to 12-month Euribor, updated in October. According to ECO, the monthly payment went from about 646 to 737 euros. That is 91 euros more a month, or about 1,090 euros a year.
Why hasn't my payment gone up yet?
Because your payment only changes on the update date in your contract, and that date is different for each contract. Updates happen every three, six or twelve months.
So two families with similar loans can see the rise in different months. One felt it in October. The other will feel it at the next update.
- Variable rate — your payment changes on the next update date.
- Fixed rate — your payment stays the same until the fixed period ends.
- Mixed rate — fixed for the first years, then variable. The switch happens in a specific month, written in your contract.
If you have a mixed rate, find out when the fixed period ends.
From that month, your payment depends on Euribor at that time and can change a lot at once. Many people only notice when the statement arrives.
What will the ECB decide on 29 October?
Nobody knows yet. The European Central Bank (ECB) meets on 28 and 29 October 2026 and announces its decision on the 29th.
The ECB does not set Euribor. But Euribor follows closely what the ECB does and what markets expect it to do. On 10 September 2026, the ECB raised its interest rates by 0.25 percentage points. The deposit rate went up to 2.50% from 16 September.
An ECB decision does not change your payment the next day.
Euribor usually moves ahead of decisions, and your payment only changes on your update date. The best preparation is to know your own contract, not to guess the decision.
Where can I find my update date?
In your mortgage contract, the ESIS or your loan statement. This is what each one shows:
- Your mortgage contract (contrato de crédito). The Euribor term and how often the payment is updated.
- The ESIS (FINE in Portuguese). The European Standardised Information Sheet, the document the lender gives you before signing. It sums up the same terms.
- Your loan statement or banking app. It usually shows your current rate and the next update date.
What to do now
- Check your next update date. That is the month your payment changes, not before.
- If you have a mixed rate, check when the fixed period ends. It is the date that matters most in the coming years.
- Review your budget with the new payment. A rise of 25 euros a month adds up to 300 euros a year.
- Check your spread. On older contracts, a better margin may be available today, with your bank or another one. Remortgaging with another lender has its own costs, so do the full sums first.
Frequently asked questions
Is Euribor the same at every bank?
Yes. Euribor is the same for every bank in the euro area. What changes from bank to bank is the spread, the margin each lender charges.
Does an ECB decision change my payment straight away?
No. Your payment only changes on the update date in your contract. Until then it stays the same, whatever the ECB decides.
Does rising Euribor affect fixed-rate mortgages?
Not while the fixed period lasts. If you have a mixed rate, it affects you from the month the fixed period ends.
There is no single answer for everyone. What makes sense depends on what you still owe, the time left on the loan, your current spread and the month your contract is updated.
FINOVA compares offers from several banks and reviews each case individually. FINOVA's fee is paid by the bank, after completion. The mortgage process itself always has costs of its own: taxes, the property valuation and registration fees.
Sources
Monetary policy decision of 10 September 2026: European Central Bank.
Dates of the next monetary policy meetings: European Central Bank.
Daily Euribor values: European Money Markets Institute (EMMI), the body that publishes Euribor.
October payments, September Euribor averages and months of consecutive rises (30 September 2026): ECO (in Portuguese).
Euribor values on 20 October 2026 and share of the 6-month term (Banco de Portugal, August data): CNN Portugal, with the Lusa news agency (in Portuguese).
