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BOE-A-2026-18770 ·7 September 2026 ·Resolution Medium impact
Tax

Financial institutions: new IRS reference rates for market value calculation in mortgages and early repayments

The Bank of Spain has published the Interest Rate Swap (IRS) indices for August 2026 to determine the market value for interest rate risk compensation in mortgage loans. It also establishes the reference rate for calculating the differential in loans or credits subject to early repayment. These indices are governed by the methodology set out in Bank of Spain Circular 5/2012 (Art. 1).

In 3 key points

  1. IRS rates for mortgage compensation: from 3.012% (2 years) to 3.404% (20 years), Art. 1.A (art. 1.A)
  2. One-year IRS rate for early repayments: 2.814%, Art. 1.B (art. 1.B)
  3. Methodology based on Bank of Spain Circular 5/2012, Art. 1 (art. 1)

How it affects those involved

For financial institutions, these rates are mandatory for the correct calculation of interest rate risk compensation in mortgages and differentials in early repayments. For individuals, these indices determine the amount of compensation that the institution may charge or must pay in the event of changes to loan conditions or repayments (Art. 1).

Lifecycle

2026-09-07PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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