Mortgage Barometer 2023/2024: what are the trends on the mortgage market?

You can discover the latest mortgage market trends in the Comparis Mortgage Barometer. The latest analysis for the fourth quarter of 2023 shows: the peak interest rate seems to have been reached for the time being. Now, fixed-rate mortgages are much more attractive than Saron mortgages.

Roman Heiz Foto
Roman Heiz
House at sunset.

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1.How have benchmark mortgage rates changed?
2.Current mortgage rates in Switzerland
3.Stable interest rates due to SNB interest rate-hike pause 
4.Which type of mortgage is most popular?
5.Data sources

1. How have benchmark mortgage rates changed?

Fixed-rate mortgages became cheaper in the fourth quarter of 2023.

From the beginning of the year to the end of December 2023, the benchmark interest rate for 10-year fixed-rate mortgages fell by 0.78 percentage points to 2.22%.

The benchmark interest rate for 5-year fixed-rate mortgages also fell in 2023. It was at 2.1% at the end of December.

Saron mortgages have not been reduced. The reason: in December, the Swiss National Bank (SNB) key interest rate stood at 1.75% and thus remained unchanged.

2. Current mortgage rates in Switzerland

Mortgage rates vary significantly depending on the type of mortgage, term, lender, canton, loan-to-value ratio and affordability. The benchmark rates calculated by Comparis are the average rates advertised by around 50 mortgage lenders and can be negotiated

Savings potential when taking out a mortgage 

In most cases, the interest rates actually negotiated are below the official benchmark rates. Example: the best rate brokered by HypoPlus, the  mortgage partner of Comparis, for a 10-year fixed-rate mortgage in December was 1.68%. The reference interest rate at this time was 2.22%.

You can find the latest mortgage interest rates, which are updated daily, in the Comparis mortgage rate overview.

Compare mortgage rates

Reference rate (as at 20.12.2023) Top interest rate of HypoPlus (as at 20.12.2023) Potential saving on a mortgage of 750,000 francs
3-year fixed-rate mortgage 2.08% 1.64% 9,900 francs
5-year fixed-rate mortgage 2.1% 1.63% 17,625 francs
10-year fixed-rate mortgage 2.22% 1.68% 40,500 francs
15-year fixed-rate mortgage 2.32% 1.89% 48,375 francs

Source: Comparis, HypoPlus

3. Stable interest rates due to SNB interest rate-hike pause 

The Swiss National Bank (SNB) has taken a break from interest rates hikes twice in a row after several increases. The key interest rate remains at 1.75%.

This seems to recognize that the provisional interest rate peak has been reached. Since the inflation rate has been well below the SNB’s 2% upper limit for months, the market is already speculating on the first rate decreases.


“The hope that there will be no further rise or fall in key interest rates is expressed in significantly falling capital market interest rates and swap rates, which significantly reduce the cost of refinancing banks.”

Dirk Renkert, Comparis expert

4. Which type of mortgage is most popular?

At Comparis mortgage partner HypoPlus, the share of Saron mortgages has decreased significantly in the last three months: only around one in six people chose a Saron mortgage.

Instead, the proportion of 4- and 5-year fixed-rate mortgages increased significantly.

The proportion of 10-year and longer-term fixed-rate mortgages remained almost unchanged, at around 40%.


“Saron mortgage holders now often switch to fixed-rate mortgages for cost reasons, as they have become much cheaper due to the sharp drop in swaps.”

Dirk Renkert, Comparis expert

Affordability: people often forget about their income situation at retirement. If your income is lower than before retirement, the affordability of the mortgage is at risk. This also applies to early retirement. Tip: check whether a partial amortization is possible.

Renewal of an expiring fixed-rate mortgage: be sure to observe the contractual notice periods. Start planning early and put together a dossier for lenders. The lead time is about two to three months.

Good to know: with a split into two or more tranches, you can increase the flexibility of fixed-rate mortgages. You do not have to renew the entire mortgage loan, just the tranche that is due. However: division into tranches can weaken your negotiating position and make it more difficult to switch providers.

5. Data sources

HypoPlus, the mortgage partner of Comparis, provides the interest rates for the Comparis Mortgage Barometer. They are based on the benchmark rates of some 50 lenders. They are updated daily and published in the mortgage rate overview.

The next Mortgage Barometer will appear at the end of March 2024.

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