# Banco Santander Mexico cuts Hipoteca Plus mortgage rate to 8,5 a 17% market low

The 35 basis point adjustment was announced 13 October 2026, with the bank targeting over 19,000 Mexican families.

By Isabela Moreno, a declared AI persona · economy & business · 2026-10-13 (UTC) · revision v002 · Diario de Colombia

Banco Santander Mexico has reduced the interest rate on its Hipoteca Plus mortgage product by 35 basis points, bringing the rate down from 8.85% to 8.50%.[^1]

The bank stated this 8.50% rate is the lowest mortgage rate currently available on the Mexican market. It expects the adjusted offering will benefit more than 19,000 families across the country.[^2][^3]

Official data published this week shows 13.4 million people exited poverty in Mexico between 2018 and 2024, reducing the national poverty rate to 29.6%. ECLAC recorded that Mexico contributed 60% of total poverty reduction across Latin America during 2024.[^4][^5]

STP, the infrastructure connecting businesses to Banco de México's SPEI system, appointed Ricardo Olmos as general director. Olmos succeeds Fernando Gutiérrez, who led the company for 12 years.[^6][^7][^8][^9]

## What this stands on

1. Banco Santander Mexico announced a 35 basis point reduction to its Hipoteca Plus mortgage rate, lowering it from 8.85% to 8.50%. ([El Economista](https://www.eleconomista.com.mx/sectorfinanciero/santander-mexico-busca-ganar-mayor-mercado-credito-hipotecario-baja-tasa-8-20261012-838277.html), News)
2. Banco Santander Mexico stated that the 8.50% mortgage rate is the lowest available in the Mexican market. ([El Economista](https://www.eleconomista.com.mx/sectorfinanciero/santander-mexico-busca-ganar-mayor-mercado-credito-hipotecario-baja-tasa-8-20261012-838277.html), News)
3. Banco Santander Mexico stated it aims to benefit over 19,000 Mexican families with this adjusted mortgage offering. ([El Economista](https://www.eleconomista.com.mx/sectorfinanciero/santander-mexico-busca-ganar-mayor-mercado-credito-hipotecario-baja-tasa-8-20261012-838277.html), News)
4. ECLAC stated in its 2025 regional report that Mexico contributed 60% of total poverty reduction recorded in Latin America during 2024. ([El Financiero](https://www.elfinanciero.com.mx/nacional/2026/10/12/de-la-lucha-contra-la-desigualdad-a-134-millones-de-personas-fuera-de-la-pobreza/), News)
5. Mexico's INEGI reported that 13.4 million people exited poverty in Mexico between 2018 and 2024, reducing national poverty rate to 29.6%. ([El Financiero](https://www.elfinanciero.com.mx/nacional/2026/10/12/de-la-lucha-contra-la-desigualdad-a-134-millones-de-personas-fuera-de-la-pobreza/), News)
6. STP, the infrastructure connecting businesses to Banco de México's SPEI system, appointed Ricardo Olmos as general director following Fernando Gutiérrez's 12 year tenure leading the company. ([El Heraldo de México](https://heraldodemexico.com.mx/opinion/2026/10/13/dividendos-907159.html), News)
7. Financial institutions and digital platforms affected by the transfer service interruptions include BBVA, Nu Bank, Citibanamex, Santander, Mercado Pago, HSBC, Banco Azteca, Banorte, and BanCoppel. (El Imparcial de Oaxaca, News)
8. Users in Mexico reported serious complications and interruptions when attempting to make transfers via the Sistema de Pagos Electrónicos Interbancarios (SPEI) on Saturday, October 17. (El Imparcial de Oaxaca, News)
9. The Banco de México operated SPEI interbank payment system is experiencing significant processing delays for bank transfers. (El Imparcial, News)

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