Mortgage reference interest rate
1.25%
The Swiss mortgage reference interest rate is 1.25%. It has applied since 02.09.2025 and was confirmed on 02.09.2026 by the Federal Office for Housing (FOH/BWO); the next publication is on 01.12.2026. It governs rent adjustments in running leases: if it rises by 0.25 percentage points, rent may be raised by at most 3% when rates are below 5%; if it falls, rent must be reduced correspondingly (VMWG Art. 13).
Rent check
Next publications
01.12.2026 · 01.03.2027 · 01.06.2027 · 01.09.2027 · 01.12.2027
Rent price index (FSO)
In August 2026 the rent price index stood at 101.2 points (December 2025 = 100): +0.4% on the previous quarter and +1.4% on the previous year. 96.2% of surveyed dwellings had an unchanged rent, 1.8% a higher one and 2.0% a lower one.
The rent price index is part of the Swiss consumer price index. It measures the rents of all rented dwellings (running and new leases) excluding ancillary costs, surveyed quarterly in February, May, August and November.
2008: index 89.0, reference rate at year-end 3.50%. 2025: index 109.9, reference rate 1.25%. Rents therefore rose even in years when the reference rate fell: reductions have to be requested in running leases, and new leases follow the market.
Latest quarters (index: December 2020 = 100)
| Quarter | Index | vs previous quarter | vs previous year | higher / lower / same |
|---|---|---|---|---|
| August 2026 | 111.7 | +0.4% | +1.4% | 1.8 / 2.0 / 96.2 |
| May 2026 | 111.3 | +0.4% | +1.1% | 1.6 / 6.3 / 92.0 |
| February 2026 | 110.8 | +0.4% | +1.2% | 1.9 / 8.5 / 89.6 |
| November 2025 | 110.4 | +0.2% | +1.4% | 1.8 / 3.4 / 94.7 |
| August 2025 | 110.2 | +0.1% | +1.8% | 2.2 / 6.3 / 91.5 |
| May 2025 | 110.1 | +0.5% | +2.6% | 2.5 / 0.4 / 97.1 |
| February 2025 | 109.5 | +0.6% | +3.1% | 2.9 / 0.5 / 96.6 |
| November 2024 | 108.8 | +0.6% | +3.3% | 5.0 / 0.5 / 94.4 |
Annual averages and the reference rate (index: December 2020 = 100)
| Year | Rent price index | Reference rate at year-end |
|---|---|---|
| 2025 | 109.9 | 1.25% |
| 2024 | 107.3 | 1.75% |
| 2023 | 104.0 | 1.75% |
| 2022 | 102.4 | 1.25% |
| 2021 | 100.9 | 1.25% |
| 2020 | 99.9 | 1.25% |
| 2019 | 99.0 | 1.50% |
| 2018 | 98.4 | 1.50% |
| 2017 | 97.8 | 1.50% |
| 2016 | 96.6 | 1.75% |
| 2015 | 96.4 | 1.75% |
| 2014 | 95.6 | 2.00% |
| 2013 | 94.5 | 2.00% |
| 2012 | 94.0 | 2.25% |
| 2011 | 93.5 | 2.50% |
| 2010 | 92.3 | 2.75% |
| 2009 | 91.2 | 3.00% |
| 2008 | 89.0 | 3.50% |
Changes
| valid from | Reference rate |
|---|---|
| 02.09.2025 | 1.25% |
| 04.03.2025 | 1.50% |
| 02.12.2023 | 1.75% |
| 02.06.2023 | 1.50% |
| 03.03.2020 | 1.25% |
| 02.06.2017 | 1.50% |
| 02.06.2015 | 1.75% |
| 03.09.2013 | 2.00% |
| 02.06.2012 | 2.25% |
| 02.12.2011 | 2.50% |
| 02.12.2010 | 2.75% |
| 02.09.2009 | 3.00% |
| 03.06.2009 | 3.25% |
| 10.09.2008 | 3.50% |
Frequently asked questions
What is the current reference rate?
1.25%, valid since 02.09.2025 (FOH, confirmed 02.09.2026).
When is the reference rate published next?
On 01.12.2026; then 01.03.2027, 01.06.2027, 01.09.2027, 01.12.2027.
How is the reference rate calculated?
It is based on the banks’ average mortgage interest rate, rounded to the nearest quarter point (FOH).
How fast are rents rising in Switzerland?
According to the FSO rent price index, by +1.4% on the year and +0.4% on the quarter in August 2026 (all rented dwellings, excluding ancillary costs).
History since 2008
| Published | Reference rate | Average rate | Reference date |
|---|---|---|---|
| 02.09.2026 | 1.25% | 1.31% | 30.06.2026 |
| 02.06.2026 | 1.25% | 1.31% | 31.03.2026 |
| 03.03.2026 | 1.25% | 1.32% | 31.12.2025 |
| 02.12.2025 | 1.25% | 1.33% | 30.09.2025 |
| 02.09.2025 | 1.25% | 1.37% | 30.06.2025 |
| 03.06.2025 | 1.50% | 1.44% | 31.03.2025 |
| 04.03.2025 | 1.50% | 1.53% | 31.12.2024 |
| 03.12.2024 | 1.75% | 1.63% | 30.09.2024 |
| 03.09.2024 | 1.75% | 1.67% | 30.06.2024 |
| 04.06.2024 | 1.75% | 1.72% | 31.03.2024 |
| 02.03.2024 | 1.75% | 1.72% | 31.12.2023 |
| 02.12.2023 | 1.75% | 1.69% | 30.09.2023 |
| 02.09.2023 | 1.50% | 1.59% | 30.06.2023 |
| 02.06.2023 | 1.50% | 1.44% | 31.03.2023 |
| 02.03.2023 | 1.25% | 1.33% | 31.12.2022 |
| 02.12.2022 | 1.25% | 1.18% | 30.09.2022 |
| 02.09.2022 | 1.25% | 1.17% | 30.06.2022 |
| 02.06.2022 | 1.25% | 1.18% | 31.03.2022 |
| 02.03.2022 | 1.25% | 1.19% | 31.12.2021 |
| 02.12.2021 | 1.25% | 1.21% | 30.09.2021 |
| 02.09.2021 | 1.25% | 1.23% | 30.06.2021 |
| 02.06.2021 | 1.25% | 1.25% | 31.03.2021 |
| 02.03.2021 | 1.25% | 1.28% | 31.12.2020 |
| 02.12.2020 | 1.25% | 1.30% | 30.09.2020 |
| 02.09.2020 | 1.25% | 1.33% | 30.06.2020 |
| 03.06.2020 | 1.25% | 1.35% | 31.03.2020 |
| 03.03.2020 | 1.25% | 1.37% | 31.12.2019 |
| 03.12.2019 | 1.50% | 1.39% | 30.09.2019 |
| 03.09.2019 | 1.50% | 1.41% | 30.06.2019 |
| 04.06.2019 | 1.50% | 1.43% | 31.03.2019 |
| 02.03.2019 | 1.50% | 1.45% | 31.12.2018 |
| 04.12.2018 | 1.50% | 1.47% | 30.09.2018 |
| 04.09.2018 | 1.50% | 1.49% | 30.06.2018 |
| 02.06.2018 | 1.50% | 1.51% | 31.03.2018 |
| 02.03.2018 | 1.50% | 1.53% | 31.12.2017 |
| 02.12.2017 | 1.50% | 1.56% | 30.09.2017 |
| 02.09.2017 | 1.50% | 1.58% | 30.06.2017 |
| 02.06.2017 | 1.50% | 1.61% | 31.03.2017 |
| 02.03.2017 | 1.75% | 1.64% | 31.12.2016 |
| 02.12.2016 | 1.75% | 1.67% | 30.09.2016 |
| 02.09.2016 | 1.75% | 1.70% | 30.06.2016 |
| 02.06.2016 | 1.75% | 1.73% | 31.03.2016 |
| 02.03.2016 | 1.75% | 1.76% | 31.12.2015 |
| 02.12.2015 | 1.75% | 1.80% | 30.09.2015 |
| 02.09.2015 | 1.75% | 1.83% | 30.06.2015 |
| 02.06.2015 | 1.75% | 1.86% | 31.03.2015 |
| 03.03.2015 | 2.00% | 1.89% | 31.12.2014 |
| 02.12.2014 | 2.00% | 1.92% | 30.09.2014 |
| 02.09.2014 | 2.00% | 1.95% | 30.06.2014 |
| 03.06.2014 | 2.00% | 1.98% | 31.03.2014 |
| 04.03.2014 | 2.00% | 2.02% | 31.12.2013 |
| 03.12.2013 | 2.00% | 2.06% | 30.09.2013 |
| 03.09.2013 | 2.00% | 2.09% | 30.06.2013 |
| 04.06.2013 | 2.25% | 2.14% | 31.03.2013 |
| 02.03.2013 | 2.25% | 2.19% | 31.12.2012 |
| 04.12.2012 | 2.25% | 2.25% | 30.09.2012 |
| 04.09.2012 | 2.25% | 2.30% | 30.06.2012 |
| 02.06.2012 | 2.25% | 2.35% | 31.03.2012 |
| 02.03.2012 | 2.50% | 2.39% | 31.12.2011 |
| 02.12.2011 | 2.50% | 2.45% | 30.09.2011 |
| 02.09.2011 | 2.75% | 2.51% | 30.06.2011 |
| 02.06.2011 | 2.75% | 2.54% | 31.03.2011 |
| 02.03.2011 | 2.75% | 2.59% | 31.12.2010 |
| 02.12.2010 | 2.75% | 2.65% | 30.09.2010 |
| 02.09.2010 | 3.00% | 2.69% | 30.06.2010 |
| 02.06.2010 | 3.00% | 2.75% | 31.03.2010 |
| 02.03.2010 | 3.00% | 2.80% | 31.12.2009 |
| 02.12.2009 | 3.00% | 2.86% | 30.09.2009 |
| 02.09.2009 | 3.00% | 2.93% | 30.06.2009 |
| 03.06.2009 | 3.25% | 3.07% | 31.03.2009 |
| 03.03.2009 | 3.50% | 3.33% | 31.12.2008 |
| 02.12.2008 | 3.50% | 3.45% | 30.09.2008 |
| 10.09.2008 | 3.50% | 3.43% | 30.06.2008 |
Ancillary housing costs and energy →
Source: BWO, Referenzzinssatz · BWO, Entwicklung · BFS, Mietpreisindex · JSON · JSON (MPI) · SLI-2026-10-03.32
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