Mortgage rates and the SNB policy rate
The Swiss National Bank’s policy rate is 0.00% (since 20 June 2025). At the end of August 2026 banks asked on average 1.76% for a new 5-year fixed-rate mortgage, 2.03% for 10 years, 1.10% for a SARON mortgage and 2.79% for a variable mortgage (SNB).
Banks’ mortgage rates, end of August 2026
Rates banks publish for new mortgages at the end of the month: average and spread across banks. The rate you negotiate can differ.
| Product | Average | Cheapest quarter up to | Median | Dearest quarter from |
|---|---|---|---|---|
| Fixed-rate mortgage 2 years | 1.51% | 1.45% | 1.50% | 1.56% |
| Fixed-rate mortgage 5 years | 1.76% | 1.69% | 1.76% | 1.80% |
| Fixed-rate mortgage 10 years | 2.03% | 1.95% | 2.03% | 2.06% |
| SARON mortgage 3 years | 1.10% | 1.00% | 1.10% | 1.17% |
| Variable mortgage | 2.79% | 2.63% | 2.75% | 3.00% |
SNB policy rate since 2019
The SNB reviews its policy rate four times a year. The current policy rate has existed since June 2019.
| Valid from | Policy rate |
|---|---|
| 20 June 2025 | 0.00% |
| 21 March 2025 | 0.25% |
| 13 December 2024 | 0.50% |
| 27 September 2024 | 1.00% |
| 21 June 2024 | 1.25% |
| 22 March 2024 | 1.50% |
| 23 June 2023 | 1.75% |
| 24 March 2023 | 1.50% |
| 16 December 2022 | 1.00% |
| 23 September 2022 | 0.50% |
| 17 June 2022 | -0.25% |
| 13 June 2019 | -0.75% |
Trend since 2008
| Year end | Fixed 5 years | Fixed 10 years | Variable |
|---|---|---|---|
| 2025 | 1.67% | 2.03% | 2.79% |
| 2024 | 1.50% | 1.71% | 2.89% |
| 2023 | 2.24% | 2.37% | 3.00% |
| 2022 | 2.93% | 3.19% | 2.67% |
| 2021 | 1.10% | 1.39% | 2.63% |
| 2020 | 1.08% | 1.25% | 2.65% |
| 2019 | 1.10% | 1.29% | 2.63% |
| 2018 | 1.17% | 1.63% | 2.63% |
| 2017 | 1.21% | 1.62% | 2.62% |
| 2016 | 1.24% | 1.74% | 2.64% |
| 2015 | 1.29% | 1.92% | 2.66% |
| 2014 | 1.31% | 1.79% | 2.69% |
| 2013 | 1.90% | 2.83% | 2.69% |
| 2012 | 1.47% | 2.11% | 2.69% |
| 2011 | 1.67% | 2.39% | 2.69% |
| 2010 | 2.34% | 3.13% | 2.73% |
| 2009 | 2.61% | 3.43% | 2.74% |
| 2008 | 2.87% | 3.54% | 2.82% |
The last 12 months
| Fixed 5 years | Fixed 10 years | Variable | |
|---|---|---|---|
| August 2026 | 1.76% | 2.03% | 2.79% |
| July 2026 | 1.78% | 2.05% | 2.79% |
| June 2026 | 1.62% | 1.91% | 2.79% |
| May 2026 | 1.74% | 2.04% | 2.79% |
| April 2026 | 1.70% | 1.98% | 2.79% |
| March 2026 | 1.69% | 1.96% | 2.79% |
| February 2026 | 1.49% | 1.84% | 2.79% |
| January 2026 | 1.60% | 1.96% | 2.79% |
| December 2025 | 1.67% | 2.03% | 2.79% |
| November 2025 | 1.53% | 1.87% | 2.79% |
| October 2025 | 1.48% | 1.81% | 2.81% |
| September 2025 | 1.50% | 1.83% | 2.81% |
Mortgage rates and the reference rate
For rents, what counts is not the policy rate but the mortgage reference rate of the Federal Office for Housing: 1.25% since 2 September 2025. Reference rate and rents
Savings and pillar 3a rates
Average of the published rates in the same survey.
| Savings account | 0.07% |
| Pillar 3a account | 0.20% |
Frequently asked questions
What is the SNB policy rate?
0.00%, valid since 20 June 2025.
How high are mortgage rates in Switzerland?
At the end of August 2026 on average 1.76% for 5 years fixed, 2.03% for 10 years fixed and 1.10% for a SARON mortgage (rates published by banks, SNB).
How is this different from the reference rate?
The reference rate is an average of all existing mortgages and decides whether rents may be adjusted. The rates on this page apply to new mortgages.
Source: Swiss National Bank (SNB), data portal: policy rate and SARON; published rates for new business by product. Information only, not financial advice. data.snb.ch · snb.ch · JSON