Background guide. This guide describes the situation as it stood in December 2024. Rates and rules may have changed since, so check our newest guides for current figures.
Update 10 October 2026: The easing this article describes continued through 2025 before reversing entirely. After December 2024's cut to 3%, the ECB cut rates four more times: to 2.75% in January 2025, 2.50% in March, 2.25% in April and 2.00% in June 2025, then held the deposit rate at 2.00% for the rest of 2025 and into early 2026. That pause ended in June 2026, when the ECB raised rates for the first time since 2023, taking the deposit rate to 2.25%. A second hike followed on 10 September 2026, lifting the deposit rate to 2.50% (effective 16 September), with the main refinancing rate at 2.65% and the marginal lending rate at 2.90%. The 12-month Euribor averaged about 3.25% in September 2026 (ECB data), roughly 0.8 of a percentage point above its December 2024 average of about 2.44%. The direction of travel described below has fully reversed: anyone comparing quotes now should work from today's higher rate environment, not from the easing cycle this article originally covered.
A full year of easing
Starting from the 4% peak reached in September 2023, the ECB delivered four rate cuts through 2024, bringing the deposit rate down to 3% by December. That's a meaningful shift from the tightening cycle that preceded it, though still above the very low rates seen earlier in the decade.
What this means for Greek mortgage affordability
Lower reference rates generally support improved affordability assessments for new applicants, since a portion of the interest cost embedded in a lender's calculation has come down over the year. Existing variable-rate borrowers should also see some benefit, subject to their specific repricing terms.
Comparing fixed and variable now
With rates having moved meaningfully over 2024, it's worth re-running the fixed-versus-variable comparison rather than relying on assumptions from earlier in the cycle. A fixed rate locked in during the peak may now look less competitive against current variable pricing, depending on your risk tolerance and remaining term.
What hasn't changed
Deposit requirements, debt-to-income assessment and property valuation standards for non-resident buyers have remained broadly consistent through the rate cycle. A lower rate environment does not relax these underwriting fundamentals.
Looking toward 2025
Whether the ECB continues cutting into 2025 depends on incoming inflation and growth data. Buyers finalizing a purchase around year-end should get a current quote rather than assuming rates will move further in either direction before completion.
What to do next
- Get an updated affordability assessment reflecting the year's cuts.
- Re-compare fixed and variable options.
- Check whether refinancing an existing loan makes sense.
- Confirm deposit and underwriting requirements haven't changed.
- Get a current quote before finalizing a year-end purchase.
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.