Background guide. This guide describes the situation as it stood in June 2024. Rates and rules may have changed since, so check our newest guides for current figures.
Update 10 October 2026: this article describes the very first cut of the current cycle, on 6 June 2024, when the ECB lowered its deposit rate by 25 basis points to 3.75% from the 4.00% peak reached in September 2023. Three more cuts followed later in 2024, in September, October and December, taking the deposit rate to 3.00% by December 2024. Four further cuts through 2025, in January, March, April and June, brought it down to 2.00% by 11 June 2025, where it held through the rest of 2025 and into early 2026. On 11 June 2026 the ECB reversed course with its first rate rise since 2023, lifting the deposit rate to 2.25% (effective 17 June), followed by a second increase on 10 September 2026 to 2.50% (effective 16 September; main refinancing rate 2.65%, marginal lending rate 2.90%). The 12-month Euribor, which most Greek variable-rate mortgages track, averaged about 3.25% in September 2026 (ECB data), below its June 2024 level of about 3.65% but well above its mid-2025 level of about 2.1%. The dollar-euro picture has also moved on since June 2024: the euro averaged about $1.08 that month, slid to about $1.04 in January 2025, then recovered to about $1.15 in September 2026 (ECB monthly averages), so a dollar buys fewer euros now than it did when this article was written. Read what follows as the opening chapter of a rate cycle that has since fully reversed, not as today's environment.
The first cut after the climb
Having raised its deposit rate to 4% by September 2023 and held it there through a pause, the ECB delivered a quarter-point cut in June 2024, its first reduction in this cycle. It marks a turning point after roughly two years of increases, though a single cut does not by itself signal a rapid return to earlier, lower rates.
What changes for Greek mortgage pricing
Lender pricing on new Greek mortgages typically reflects moves like this with some lag, and the exact pass-through depends on the specific product and lender. Variable-rate borrowers should see some benefit over time; those with fixed rates agreed during the tightening cycle are unaffected until renewal.
Why one cut is not the whole story
A single move is a data point, not a trend. The ECB has been clear that future decisions will depend on incoming inflation and growth data rather than a preset schedule, so buyers should avoid assuming a fixed sequence of further cuts.
What this means for a 2024 purchase
If you paused a Greek purchase during the tightening cycle, this is a reasonable point to request a fresh mortgage quote and compare it against your last review. Affordability assessments may also shift slightly as borrowing costs ease.
Currency considerations alongside the rate move
US Federal Reserve policy and ECB policy do not always move in lockstep, and the resulting EUR/USD rate reflects both. Check the current exchange rate directly rather than assuming a European rate cut automatically makes a euro purchase cheaper in dollar terms.
What to do next
- Request an updated mortgage quote after the cut.
- Compare it against your last quote from the tightening cycle.
- Don't assume further cuts are guaranteed or scheduled.
- Recheck the EUR/USD rate for your transfer timing.
- Revisit your affordability assessment with current figures.
Questions US buyers ask
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Who made this guide. Bas Terpstra makes, reviews and approves every guide, using AI tools and public sources as a starting point. Rules and figures change, so treat this as general information and confirm the details for your own situation.
This guide is general information, not personal financial, legal, tax or currency advice. Mortgage availability is subject to credit, income, valuation and lender criteria.