Mortgage Barometer 2025: how is the mortgage market developing?
The Comparis Mortgage Barometer highlights the latest mortgage trends. The analysis for the third quarter shows that the Swiss mortgage market has hardly changed compared to the previous months.
09.10.2025
iStock/piovesempre
1. How have mortgage rates changed?
The Swiss National Bank (SNB) ended its cycle of interest rate cuts in September and left the key interest rate at 0%. In the third quarter, the conditions in the Swiss mortgage market hardly changed – neither for fixed-rate mortgages nor for Saron mortgages.
The benchmark rate for 10-year fixed-rate mortgages has fallen by only 0.09 percentage points to 1.68% since the end of June (as of 30 September 2025). The current interest rate range is 1.3 to 1.8%.
The benchmark rate for 5-year fixed-rate mortgages is currently 1.39% (as of 30 September 2025). For comparison, the benchmark rate was 1.5% at the beginning of the year. Currently, 5-year fixed-rate mortgages are being offered at 1.0 to 1.5%.
Saron mortgages have fallen further since the beginning of the year. First-ranking Saron mortgages currently cost around 0.7 to 1.2% on average.
2. Tariff turbulence has little impact on the Swiss mortgage market
Despite the turbulence surrounding US tariff policy and increasing geopolitical tensions, the Swiss mortgage market has so far remained unaffected. Capital market interest rates rose sharply at the end of March. Six months later, they are now back to where they were at the beginning of the year. Dirk Renkert, Comparis finance expert, explains:
In the current situation, mortgage rates are not expected to fall any further. Geopolitical tensions remain high, and the effects of tariff policy are still unpredictable. Inflation is also on track. Moreover, a move to negative interest rates represents a psychological hurdle that the SNB would probably only consider in an absolute emergency.
3. Current mortgage rates in Switzerland
Mortgage rates vary significantly depending on
the model
the term
the provider
the canton
Comparis compared the average differences between the benchmark rate and the best interest rate offered by the Comparis mortgage partner HypoPlus. The comparison revealed a considerable savings potential.
Savings potential when taking out a mortgage
The interest rates actually negotiated are often below the benchmark rates.
For example, the best interest rate brokered by HypoPlus for a 10-year fixed-rate mortgage at the end of September 2025 was 1.26% – while the benchmark rate amounted to 1.68%. For the entire term, this means a saving of 31,500 francs on a mortgage of 750,000 francs.
You can find the latest rates, which are updated daily, in the Comparis mortgage rate overview.
| Fixed-rate mortgage term | Benchmark rate (as at 30 September 2025) | Best interest rate from HypoPlus (as at 30 September 2025) | Potential savings on a mortgage of 750,000 francs |
|---|---|---|---|
| 3 years | 1.22% | 0.88% | 7,650 francs |
| 5 years | 1.39% | 1.00% | 14,625 francs |
| 10 years | 1.68% | 1.26% | 31,500 francs |
| 15 years | 1.84% | 1.45% | 43,875 francs |
Source: Comparis, HypoPlus
The benchmark rates calculated by Comparis are the average rates advertised by more than 30 mortgage lenders that cannot be negotiated. They are updated daily and published in the mortgage rate overview.
4. Which type of mortgage is most popular?
Last quarter, there was a slight shift in the choice of term in the deals agreed through Comparis’ mortgage partner HypoPlus.
The proportion of long-term fixed-rate mortgages (10 years or longer) fell slightly to 43%. For comparison: in the previous quarter, it was around 50%.
Mortgages with medium terms (4–7 years) accounted for around a third of all deals concluded last quarter – in the first two quarters, it was around a quarter.
The attractiveness of Saron mortgages has weakened somewhat. Their share has fallen by about a third, and they now account for only around 7% of all deals. One reason for this is that providers are demanding higher margins.
10-year fixed-rate mortgages continue to be the most popular form of financing. The long planning horizon in uncertain times and attractive conditions are the decisive factors here.
Affordability: people often don’t think about their income situation at retirement. If income is lower than before retirement, the affordability of the mortgage is at risk. This also applies to early retirement. Tip: check whether partial amortization is possible.
Renewing an expiring fixed-rate mortgage: be sure to observe the contractual notice periods. Start planning early and put together a dossier for lenders. The process takes about two to three months.
Good to know: by splitting them into two or more tranches, you can increase the flexibility of fixed-rate mortgages. You do not have to renew the entire mortgage, 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 more than 30 lenders. The data is updated daily and displayed in the mortgage rate overview. The next Mortgage Barometer will be published in January 2026.
This article was first published on 05.10.2013
