Real estate Mortgage rates rise slightly despite SNB zero interest rate
Interest rates for mortgages in Switzerland rose slightly in the fourth quarter of 2025 despite the unchanged key interest rate of 0%. This puts them back above the level seen in early fall.
13.01.2026, 07:01
SDA
The Swiss National Bank (SNB) left the key interest rate unchanged in December, as expected by many economists. Nevertheless, mortgage interest rates rose in the fourth quarter of 2025, as an analysis published on Tuesday by the comparison portal Comparis shows.
The benchmark rate for 10-year fixed-rate mortgages, which Comparis calculates based on the reference interest rates published by 30 banks, was 1.91% at the end of December, 0.23 percentage points higher than at the end of September. For 5-year fixed-rate mortgages, the benchmark rate climbed to 1.61 percent from 1.39 percent.
Higher capital market interest rates
According to Comparis, the increase is primarily due to higher capital market interest rates. The yield on 10-year Confederation bonds was 0.33% at the end of December, 0.13 percentage points higher than at the end of September. At the same time, the banks' refinancing costs increased. In addition, many banks have widened their margins.
This effect is particularly visible in the case of Saron mortgages, whose interest rate currently only consists of the margin. First-rate Saron mortgages were offered in a range of 0.8 to 1.2 percent at the end of December, whereas three months ago the range was still between 0.7 and 1.2 percent.
Meanwhile, 10-year fixed-rate mortgages were available at 1.5 to 1.9 percent compared to 1.3 to 1.8 percent at the end of September. For 5-year fixed-rate mortgages, interest rates ranged from 1.2 to 1.6 percent compared to 1.0 to 1.5 percent.
