Mortgage barometer 2026: How is the mortgage market developing?
The Comparis mortgage barometer sheds light on the latest developments in the mortgage market. The analysis for the third quarter of 2026 shows: fixed-rate mortgages are becoming more expensive, even though the SNB is keeping its key interest rate at 0%.
13.10.2026
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1. How have mortgage rates changed?
Interest rates for fixed-rate mortgages in Switzerland rose significantly in the third quarter of 2026 – despite the Swiss National Bank’s (SNB) key interest rate remaining unchanged.
The benchmark rate for 3-year fixed-rate mortgages rose by 0.43 percentage points compared with the end of June to 1.75% (as at 30 September 2026).
The benchmark rate for 5-year fixed-rate mortgages rose by 0.38 percentage points to 1.90% (as at 30 September 2026). Currently, 5-year fixed-rate mortgages are being offered at 1.5% to 2.0%.
The benchmark rate for 10-year fixed-rate mortgages is 2.07% (as at 30 September 2026). This is the first time this year that it has been above 2%. The current trading ranges are 1.6% to 2.3%.
SARON mortgages remain cheaper than fixed-rate mortgages. First-ranking Saron mortgages currently cost on average around 0.8-1.2%.
The margins for fixed-rate mortgages are therefore significantly higher than they were at the beginning of the year.
Higher interest rates abroad are increasingly having an impact on the Swiss capital market. This is why fixed-rate mortgages are becoming more expensive, even though the SNB is keeping its key interest rate at 0%. At over 2%, the benchmark rates for 10-year fixed-rate mortgages are at their highest level since March 2025.
2. Interest rates abroad are driving up capital market interest rates
Compared to the previous quarter, the interest rates for fixed-rate mortgages have risen significantly. However, the main drivers of this development are not the SNB’s monetary policy, but rather the movements in the capital markets.
The capital market interest rates, which serve as a benchmark for the conditions of fixed-rate mortgages, rose significantly in the third quarter. The reason for this is the higher level of interest rates abroad.
The yield on ten-year Swiss government bonds has almost doubled: from 0.31% at the end of June to 0.59% at the end of September.
The swap rates have risen significantly. Simply put, they show the conditions under which banks hedge against interest rate changes. Banks add their margin to the swap rate. If it rises, fixed-rate mortgages become more expensive.
3-year swaps: from 0.15% to 0.54% (more than tripled)
5-year swaps: from 0.26% to 0.65%
10-year swaps: from 0.53% to 0.83%
3. The economy is picking up, and the ECB and the Fed are raising interest rates
The outlook for the Swiss economy has brightened considerably in recent months.
Growth forecast: The State Secretariat for Economic Affairs (SECO) is now forecasting 1.7% growth instead of 0.9% (adjusted for the effects of major sporting events). The SNB expects 1.5% to 2%.
Inflation: Inflation rose from 0.4% to 0.8%. It therefore remains within the range of price stability.
Key interest rate: The SNB left its key interest rate unchanged in September at 0%.
In the short term, the SNB is likely to face little pressure to raise interest rates, given that inflation remains low. However, the stronger economic outlook, the weaker Swiss franc and higher energy prices have increased the likelihood of monetary tightening.
Central banks abroad are raising interest rates. In the Eurozone inflation rose to 3.2% in August. The European Central Bank (ECB) therefore raised the deposit facility rate by 0.25 percentage points in September to 2.5%.
In the USA the economy continues to grow strongly, with inflation at 3.4% in August. The US Federal Reserve (Fed) raised the key interest rate in September by 0.25 percentage points for the first time since 2023. It now stands at 3.75% to 4%. The yield on 10-year US government bonds rose above 5%.
4. Current mortgage rates in Switzerland
Mortgage rates vary significantly depending on
model
term
providers
canton
Comparis compared the average differences between the benchmark rate and the top interest rate of the Comparis Mortgage Service. The comparison revealed a considerable savings potential.
Savings potential when taking out a mortgage
The interest rates of the deals actually negotiated are often below the benchmark rates.
Example: The best interest rate brokered by the Comparis mortgage service for a 10-year fixed-rate mortgage at the end of September 2026 was 1.60% – with a benchmark rate of 2.07%. Over the entire term, this means a savings of 35’250 francs on a mortgage of 750’000 francs.
You can find the latest mortgage interest rates, which are updated daily, in the Comparis mortgage rate overview.
Calculating your potential savings
Even small differences in interest rates can have a significant impact on the total costs over the entire term. Enter your desired mortgage amount to calculate how much you could potentially save.
The benchmark rates calculated by Comparis are the advertised but still negotiable average interest rates from over 30 mortgage lenders. They are updated daily and published in the mortgage rate overview published.
5. Which type of mortgage is most popular?
Long-term fixed-rate mortgages remain the most popular: terms of 10 years or more account for around 43% of deals taken out through the Comparis mortgage service. At the same time, the shortest terms increased.
The proportion of mortgages with terms of up to 3 years (including Saron mortgages) rose from around 23% to 26%.
The share of Saron mortgages increased from around 19% to 21%.
The proportion of fixed-rate mortgages with medium terms (4 to 7 years) fell from around 23% to around 21% of all mortgages taken out.
The share of 8- and 9-year terms fell from around 12% to 10%.
The percentage of long-term fixed-rate mortgages (10 years or longer) increased from around 42% to 43%.
The current interest rate environment is particularly evident in short-term and long-term maturities: while some mortgage borrowers are increasingly opting for low-cost Saron mortgages, others prefer the greater planning security of long-term fixed-rate mortgages.
Affordability: The income situation at retirement is often overlooked. If the income is lower than before retirement, the affordability of the mortgage is at risk. This also applies to early retirement. Tip: Check whether partial amortisation is possible.
Renewal of an expiring fixed-rate mortgage: Be sure to observe the contractual notice periods. They can be up to six months. Start planning early and put together a dossier for lenders. The lead time is about two to three months.
Choose the right model: The lowest interest rate should not be the sole determining factor. If you can hardly cope with rising interest rates, you’ll be better off with a fixed-rate mortgage. Households with more financial flexibility can also opt for a Saron mortgage.
Don’t take the first offer you see: The interest rate offered by your bank is negotiable. There is usually a significant difference between the benchmark rate and the best negotiated rate.
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, but only the tranche that is due. However, splitting into tranches can weaken your negotiating position and make it more difficult to switch providers.
6. Data sources
The Comparis Mortgage Service provides the interest rates for the Comparis Mortgage Barometer. These are based on the benchmark rates from over 30 mortgage lenders. The data is updated daily and displayed in the mortgage rate overview displayed.
The next mortgage barometer will come out in January 2027.
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This article was first published on 05.10.2013
