Confirmed by experts: the fixed-rate mortgage is consolidating compared to mixed-rate mortgages two years later for this reason

Fixed-rate mortgages remain the preferred choice for those signing new home loans in Spain, already representing 60% of all operations formalized in the second quarter of 2025, according to the latest report from iAhorro. This analysis reflects a period of relative calm in the national mortgage market.

This stability is explained mainly by the Euribor’s lack of movement and banks’ cautious approach in launching new offers. However, the constant rise in housing prices continues to put pressure on buyers. In addition, the international landscape and uncertainty caused by ongoing global conflicts are prompting many people to choose the security provided by fixed-rate mortgages over mixed or variable products.

Marcel Beyer, CEO of iAhorro, considers this market behavior logical in a situation where interest rates are not falling and housing continues to become more expensive. “With the Euribor stalled and the possibility that payments may rise in variable and mixed mortgages, it is natural to seek protection. Currently, fixed-rate mortgages provide that security, with competitive rates around 2% nominal interest or even lower for preferred profiles,” says Beyer. These conclusions come from the iAhorro Index for Q2 2025.

The report also highlights the limited demand for new-build housing compared to second-hand properties, and notes that subrogations and mortgage changes remain profitable but are losing strength compared to previous quarters.

Euribor above 2%: stability, but no drops on the horizon

The Euribor, the main index used to calculate most variable mortgages in Spain, has been slightly above 2% for more than three months. In April, it closed at 2.142%, and in both May and June it stood at 2.081%, something not seen for seven years. “At iAhorro, we believe the Euribor will not clearly fall below 2% before autumn, unless the economy and inflation conditions allow it,” notes Beyer. Right now is a favorable time to sign a fixed-rate mortgage if a good offer is found, since rates remain steady but housing prices continue to climb.

This stability supports a market without major rises or falls in mortgage offers, as banks wait for the next moves from the European Central Bank (ECB). The ECB’s most recent meeting takes place this week and, according to sector expectations, is unlikely to bring significant changes until the September 11 meeting.

Fixed-rate mortgages regain leadership over mixed

During Q2 2025, fixed-rate mortgages overtook mixed products, a trend that began to consolidate in April. According to the iAhorro Index, 59.46% of users who arranged their mortgage through the platform chose fixed interest, compared to 39.59% who opted for mixed. Variable mortgages fell to just 0.95% of the total.

This shift responds to the search for security, stable prices, and the current economic uncertainty. Fixed-rate mortgages managed by iAhorro carry an average nominal rate of 2.10%, compared to 1.50% for the initial fixed period of mixed mortgages. This difference of six-tenths no longer compensates for future risk, especially when fixed rates close to or even below 2% can be obtained for attractive borrower profiles.

The gap between iAhorro’s average rates and those published by the National Statistics Institute (INE) is significant: for example, in May 2025 the INE reported an average fixed rate of 2.97%, 0.85 points higher than iAhorro’s figures. According to Beyer, this is due to personalized negotiation and access to numerous banks, allowing users to secure better conditions.

Mixed mortgages remain a valid option, especially for those willing to assume more risk, though banks are expected to continue improving them to keep them competitive. However, variable mortgages are expected to regain ground only if the Euribor clearly falls below 2%, something that still seems distant.

Housing prices rise across Spain

The cost of buying a home continues to rise. Between April and June 2025, the average price of mortgaged homes stood at €281,217, an increase of 6.44% compared to the same quarter in 2024. The rise reflects strong demand and limited supply, especially in coastal destinations and large cities.

By autonomous community, the Balearic Islands top the ranking, with an average mortgaged home cost of €378,750, followed by Madrid (€346,085), Canary Islands (€342,456), and Catalonia (€299,563). At the bottom of the list were La Rioja (€173,100), Castile and León (€184,367), Aragón (€185,650), and Murcia (€187,626).

As for housing type, new builds remain more expensive: iAhorro clients paid an average of €304,880 for new homes, compared to €279,637 for second-hand properties. The difference, 8.3%, shows that while new-build prices remain stable, second-hand housing prices have risen nearly 7% in just three months.

For anyone considering a mortgage in Barcelona or seeking to understand housing market trends in Catalonia, these figures highlight the importance of comparing offers and analyzing the broader context before signing a home loan.