The European Central Bank left its rates unchanged on 29 October 2026: the deposit rate stays at 2.50%, after two increases in June and September. For a Portuguese mortgage, what matters most is Euribor, and Euribor is still rising. Here is what it means for your mortgage until the next meeting on 17 December.
What the ECB decided
- Deposit facility rate: 2.50% (unchanged)
- Main refinancing rate: 2.65%
- Marginal lending facility: 2.90%
A rate increase was discussed at this meeting, but the Governing Council unanimously judged that the ECB is “well positioned”. Christine Lagarde also announced that she will step down as ECB President on 7 February 2027.
Next meeting: 17 December 2026. A large majority of economists expect another increase then.
What about Euribor?
Euribor anticipates ECB decisions and has already priced in part of the increase expected in December: the 12-month Euribor stood at 3.248% on 6 November, up from 3.177% on 12 October. The 3- and 6-month rates are following the same trend (2.794% and 3.016%).
How much on your monthly payment?
Example for a €200,000 loan over 30 years at a variable rate, 12-month Euribor + 1% spread:
| 12-month Euribor | Loan rate | Monthly payment |
|---|---|---|
| 3.00% (−0.25 pt) | 4.00% | €955 |
| 3.25% (6 November) | 4.25% | €984 |
| 3.50% (+0.25 pt) | 4.50% | €1,013 |
Each quarter point is worth about €30 a month on €200,000 borrowed. Your payment only changes on your rate review date, every 3, 6 or 12 months depending on your contract.
What it means for you
- Variable rate: check your next review date; that is when the Euribor of the day will apply.
- Mixed rate: nothing changes during the fixed period.
- Buying soon: with increases expected, a mixed rate (fixed for the first years) remains the choice of 87% of new borrowers in Portugal. When rates rise, the amount you can borrow falls: banks check that your payments stay below 45% of your net income, using a stressed rate. Foreign buyers can read fixed, mixed or variable rate in Portugal.
See this month’s averages on our Portugal mortgage rates page and estimate your budget with our Portugal mortgage calculator.
Sources: European Central Bank (key interest rates); EMMI (Euribor, 6 November 2026); Banco de Portugal. Indicative payment example, excluding insurance. Article dated 6 November 2026.
