What this rate measures
Finnish banks report to the Bank of Finland the rate and amount of every new housing loan, and the Bank publishes them each month in its MFI balance sheet releases, including the share of loans tied to each reference rate.
This page shows the ECB's composite of the same data, the "cost of borrowing for households for house purchase", from the ECB's Data Portal. It averages the rates for each initial fixation period, weighting each by a 24-month moving average of new lending, so the line is comparable with Spain or Germany. The Bank of Finland's headline average rate on new drawdowns is a different measure and will not match it exactly.
It is the agreed annual rate: the Euribor reading at the start plus the bank's margin. Arrangement fees, and the cost of any interest rate cap or insurance you buy, are not included.
How Finnish mortgages are priced
Finland has one of the most variable mortgage markets in the euro area. A typical loan charges a reference rate plus a fixed margin agreed for the life of the loan, and the Bank of Finland's releases show that Euribor is the reference for the great majority of new loans, with fixed-rate loans a small minority. For years 12-month Euribor was the usual choice; shorter tenors have gained ground recently.
The tenor sets how often your rate resets. On a 12-month Euribor loan, the rate is reset once a year, on your loan's own reset date, to the Euribor reading at that time plus your margin, and your payment is recalculated. Between resets it does not move. A 3-month or 6-month loan follows the market more closely.
Euribor itself is set by the market, not by the ECB, but it moves with where banks expect the ECB deposit facility rate to be over the coming months. That is why Finnish mortgage rates tend to rise and fall ahead of ECB decisions, and why this line turns faster than the German or French ones, where rates are fixed for years.
The Financial Supervisory Authority (FIN-FSA) limits how much of a home's value you can borrow through its loan cap. In June 2026 its board raised the cap to 95% for all borrowers, first-time buyers already being allowed 95%. The board reviews the cap each quarter, so check the current figure before you plan a deposit.
Comparing it with a quote
Your rate is today's Euribor for your chosen tenor plus your margin, so the part of a quote that you negotiate, and that lasts, is the margin. Two offers on different tenors are not directly comparable: a 12-month loan quoted today locks today's 12-month reading for a year, a 3-month one only for three months. Compare offers using the effective annual rate (todellinen vuosikorko), which includes fees.
Put a quote into the mortgage calculator for Finland and try it again at a higher rate to see what your payment would be after a reset. To weigh buying against renting, use the rent vs buy calculator.
Reading the chart and the table
Each point is one month, dated the first of the month it covers, from January 2003. Because most loans reset to Euribor, the average on new loans follows short-term market rates closely, and the period of negative Euribor shows as the lowest stretch of the line. Figures appear about five weeks after the month ends and recent months can be revised; the CSV download carries the ECB's own values.