Now you're paying more for your mortgage - because of the USA

No time? blue News summarizes for you

• Mortgage interest rates in Switzerland are rising despite the SNB's expected interest rate cuts, with the average interest rate for ten-year fixed-rate mortgages recently climbing from 1.56% to 1.71%.
• The main reasons for this are rising capital market interest rates due to the sale of US government bonds, inflation and stricter Basel III banking regulations.
• Analysts expect interest rates to remain stable or fall slightly in the first half of 2025 if the SNB lowers the key interest rate.

Summary created with

After months of decline, mortgage rates in Switzerland are experiencing an unexpected rise. Although the Swiss National Bank (SNB) is expected to make further key interest rate cuts, interest rates for fixed-rate mortgages have risen significantly in recent weeks. The reason lies in global capital market developments and new banking regulations, as the Blick writes.

According to Moneyland's mortgage index, the average interest rate for a:

Since the annual low in 2024, long-term interest rates have risen significantly - in some cases by 0.25 percentage points for ten-year mortgages.

Reasons for the rise in mortgage rates

1. capital markets under pressure

Fredy Hasenmaile, real estate expert at Raiffeisen, sees the cause in the international capital markets: "In the USA, bonds and government bonds have been sold on a large scale, which has driven up yields and therefore interest rates."

Mortgage interest rates on the decline

What homeowners and tenants can expect in 2025

These developments are also having an impact on Europe and Switzerland. Rising capital market interest rates mean higher refinancing costs for banks, which have a direct impact on mortgage interest rates.

2 Inflation and geopolitical uncertainties

Persistent inflation in the US since fall 2024 has put additional pressure on the markets. New tariffs announced under Donald Trump's administration could further fuel inflation.

3. stricter regulations: Basel III

Stricter capital requirements for banks have been in force since the beginning of 2025 with Basel III. They now have to hold higher levels of equity, which puts pressure on their interest margins. According to Hasenmaile, Basel III will have less of an impact on mortgages for owner-occupied homes, but may lead to rising interest rates for investment properties.

Short-term development

Analyst Felix Oeschger from Moneyland expects mortgage interest rates to remain largely stable or fall slightly in the first half of 2025. "If the SNB lowers its key interest rate by a quarter of a point - as expected - this could ease interest rates somewhat," says Oeschger.

However, if the SNB has to react to a strong appreciation of the Swiss franc and reintroduce negative interest rates, mortgage rates could fall significantly again.

Home buyers with high levels of debt will have to be prepared for premiums or risk not being able to obtain a mortgage. Those with a low loan-to-value ratio, on the other hand, will be less affected by Basel III.

The editor wrote this article with the help of AI.