The five Euribor tenors
There is no single Euribor — there are five, one for each standard borrowing period:
| Tenor | Typical use | Retail mortgages |
|---|---|---|
| 1 week | Very short-term bank liquidity | Rare |
| 1 month | Short-dated corporate funding | Rare |
| 3 months | Derivatives, short-term funding | Limited |
| 6 months | Loans with semi-annual resets | Sometimes used |
| 12 months | Longest standard tenor | Most common (e.g. Spain) |
Spain's variable mortgages typically reference the 12-month Euribor, because repayments are reviewed once a year.
How Euribor is calculated
EMMI uses a hybrid methodology: a waterfall of input data. Real, eligible transactions in the wholesale money market are used whenever available; where they are not, related market pricing fills the gap. Rates are published every TARGET2 business day at or shortly after 11:00 CET. Euribor has been regulated under the EU Benchmark Regulation (2016/1011) since the benchmark reforms.
Indicative Euribor snapshot — October 2026
For context (indicative, from public benchmark data compiled 19 October 2026 — check EMMI for the official daily fixing):
| Tenor | Rate |
|---|---|
| 1 week | ≈ 2.42% |
| 1 month | ≈ 2.42% |
| 3 months | ≈ 2.64% |
| 6 months | ≈ 2.99% |
| 12 months | ≈ 3.23% |
The upward slope (longer tenors pay more) is normal: lenders charge for locking money up longer.
Why it matters to you
- Variable mortgages: a Spanish mortgage at "12m Euribor + 1.25%" cost about 4.48% in October 2026.
- Fixed-rate loans: untouched while fixed — but Euribor shapes what banks offer new borrowers.
- Business loans & derivatives: priced directly off 1m/3m/6m tenors.
If Euribor falls by 1 percentage point on a €200,000 variable mortgage at Euribor + 1.25%, the borrower saves roughly €2,000 a year in interest before amortisation effects.
Euribor vs €STR vs the old LIBOR
Do not confuse the three: €STR is the ECB's overnight rate from actual transactions — it is Euribor's designated fallback if Euribor ever ceased. LIBOR was the London equivalent for other currencies; it was discontinued, while Euribor survived reform and remains Europe's benchmark. Domestic forerunners (Paris's PIBOR, Frankfurt's FIBOR) merged into Euribor on 1 January 1999.
Frequently asked questions
What is Euribor in simple terms?
Euribor is the average rate at which major European banks lend euros to each other. Banks use it as a reference and add their margin, so Euribor plus the bank's spread becomes the interest rate on variable-rate mortgages and loans.
Which Euribor tenor is used for mortgages?
The 12-month Euribor is the standard reference for variable-rate mortgages in countries like Spain, where repayments are reviewed annually. Other tenors matter more for money-market instruments and corporate funding.
How is Euribor calculated?
The European Money Markets Institute calculates Euribor daily with a hybrid methodology: real wholesale-market transactions first, then related market pricing when transactions are unavailable. Rates are published every TARGET2 business day at or shortly after 11:00 CET.
Is Euribor the same as the ECB interest rate?
No. The ECB sets its policy rates (like the deposit facility rate), which steer money markets. Euribor is the market's own rate — it usually follows ECB moves but is set by bank transactions, not by the central bank.
Why did Euribor go negative, and is it still negative?
Euribor turned negative around 2015–2016 because the ECB pushed its deposit rate below zero to stimulate the economy. Rates normalized back above zero in 2022–2023 as the ECB fought inflation; by October 2026 the 12-month Euribor was roughly 3.2%.
What is the difference between Euribor and €STR?
Euribor is a forward-looking term rate with five tenors, set from bank quotes and transactions. €STR is the ECB's overnight rate based on actual borrowing transactions, and serves as the fallback reference if Euribor ever ceases.
Where can I check today's Euribor rates?
The official source is the European Money Markets Institute, which publishes delayed data free for non-commercial use, or national central banks and financial data sites that republish the five tenors daily.
Does Euribor affect my fixed-rate loan?
No — a fixed rate is locked for its agreed period regardless of Euribor. Euribor only moves variable-rate contracts that reference it, plus the pricing banks set for new fixed-rate offers.
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