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The ECB's decision
On 10 September 2026, the European Central Bank announced an increase of 0.25 percentage points in its three key interest rates. From 16 September, the deposit facility rate is 2.50%, the main refinancing operations rate is 2.65% and the marginal lending facility rate is 2.90%.
The statement does not commit to a path for future decisions. Home buyers should obtain updated offers and leave some room in their budget, without relying on a guaranteed rise or fall in interest rates.
When your monthly payment may change
The ECB's rates are different from the Euribor reference rate in a mortgage contract. With a variable-rate loan, the interest charged depends on the agreed reference rate and bank margin, with resets on the scheduled dates. The announcement therefore does not automatically add 0.25 percentage points to every mortgage rate.
With a fixed rate, the interest component stays fixed for the agreed period. With a mixed rate, check when the fixed period ends and which terms apply afterwards. Banco de Portugal's explanations of these arrangements help put the news in context.
Three checks before making an offer on a property
Request an updated mortgage illustration for the purchase price you are considering. Check how long the offer remains valid and ask what your payment would be under a less favourable interest rate scenario. An old illustration may no longer reflect available terms.
Next, compare the monthly cost with the future home's expenses and the savings you want to retain. Finally, align the financing timetable with the property negotiations. This preparation makes it easier to discuss prices and deadlines with a clear view of the commitments you can afford.