Mortgage rates in Greece continued their downward trend in February 2026, reaching their lowest level in nine years, according to data from the European Central Bank.

The average interest rate on fixed-rate home loans with a duration of up to five years fell to 2.95%, down from 3.13% in January, dipping below the 3% threshold for the first time since early 2017—when ECB borrowing rates stood at zero (compared to 2.15% today).

The same data place Greece among the more affordable markets in the eurozone for this popular category of mortgage products. With an average rate of 2.95%, Greece ranks as the fifth cheapest country. The eurozone average stands higher at 3.37%.

The most competitive rates are found in Malta (1.71%), followed by Portugal (2.72%), Bulgaria (2.90%), Croatia (2.92%), and Greece. At the other end of the spectrum, Latvia (8.41%), Estonia (6.34%), Lithuania (5.94%), the Netherlands (3.73%), and Belgium (3.73%) record the highest borrowing costs.

In the eurozone’s largest economies, rates remain above the Greek level. In February 2026, average fixed mortgage rates stood at 3.63% in Germany, 3.53% in Italy, and 3.31% in France.

Meanwhile, Greece’s housing credit market is showing signs of recovery. After years of negative net flows, mortgage lending turned positive in October 2025. According to the Bank of Greece, the annual growth rate of housing loans reached +1.1% in February 2026.

Bank estimates further indicate that the average mortgage loan in Greece now exceeds €100,000. Approval rates have also surged in recent months, surpassing 85% and in some cases reaching as high as 90%, reflecting improved lending conditions and stronger demand in the housing market.