Financial institutions to apply new reference rates for mortgage loans from 1 July 2026
Technical details
Type
Resolution (what is this?)
Identifier
BOE-A-2026-14750
Published
7 Jul 2026
Entry into force
1 Jul 2026 (in force)
Summary
The Bank of Spain's Resolution of 1 July 2026 establishes new reference rates for market value calculations in mortgage and early repayment loans. Rates apply for maturities from 2 to 30 years based on Interest Swap Indices (IRS). The calculation method is defined in Circular 5/2012 (art. 1).
In 2 key points
- Reference rates by tenure: 2 to 30 years (e.g. 2.798% for 2 years) (art. 1.A)
- Reference rate for early repayment differential: 2.633% (1 year) (art. 1.B)
How it affects those involved
Financial institutions managing mortgage loans must update their market value models with the new reference rates from 1 July 2026 (art. 1). The change directly affects interest risk compensation calculations and early repayment differentials. There is no impact on individuals or end customers, only on internal calculation structures within institutions.
Lifecycle
2026-07-07PublishedPublished in the BOE
2026-07-01Into forceComes into force (art. 1)
BMC resources for this provision
- fiscalView service →
- irpf-2026CalculatorOpen →
Official text Based on BOE data (boe.es). Information, not advice.