Key point
The 12-month Euribor fixing reached 3.003% on 21 August 2026, crossing 3% for the first time since September 2024. That matters for variable-rate mortgages, but it does not change every payment that day. The contract index, review date, applicable monthly average, spread, outstanding capital and remaining term all matter.
A daily fixing is not today's mortgage rate
Portuguese variable-rate mortgages are generally reviewed using the simple average of daily Euribor rates for the preceding calendar month. The interval between reviews matches the chosen Euribor term.
A single day’s rate shows how the market is moving, but it is not the final reference rate applied to every borrower’s mortgage.
Check whether your mortgage is affected
Variable-rate borrowers approaching a review date may see the movement reflected after the relevant average is fixed. Fixed-rate payments do not change during the fixed period, and mixed-rate contracts move to Euribor only under their agreed schedule.
Before estimating the effect, check the FINE mortgage information sheet, the Euribor term used, the next review date, the bank’s spread, the outstanding loan balance and the remaining term.
Compare possible payments without assuming future rates
A useful calculation compares the rate currently applied with a plausible new monthly average. It should not substitute the 21 August fixing for the contractual average or present a future path as certain.
Ask the lender for a written payment estimate using your actual balance and remaining term. Keep insurance, fees and other household costs separate.
What this means for property sellers
Euribor does not directly determine a property's market value, but it can affect the monthly payments buyers can afford and how much of their own money they need. For an offer that depends on a mortgage, agree a clear timetable for valuation, approval and the CPCV.
Do not reprice a property solely because one fixing crossed 3%. Continue to use local comparables, condition, documentation, competition and buyer response.
Official sources
Rules and data can change. Check the latest version of each source and how it applies to your property and transaction.
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