As of: 30.10.2026, 00:10 (Zurich time). Indicative rates change daily.
What happened
Swiss mortgage rates had a rough third quarter. By the end of September, the indicative rate for a 10-year fixed-rate mortgage stood at 2.07%, according to comparison portal Comparis, as reported by swissinfo. Five-year fixed mortgages were at 1.9%, and three-year terms at 1.75%, up from 1.38% three months earlier.
October brought some relief. The residential rate index of hypotheke.ch, which peaked at 1.77% on 29 September, has since fallen by a little more than 0.1 percentage points to 1.64%, per Bilanz. The cheapest 10-year fixed mortgage on that platform is 1.42%.
Other trackers show the same direction. RealAdvisor Finance shows average published rates moving like this:
Date | 2-year fixed | 5-year fixed | 10-year fixed |
|---|---|---|---|
1 Sept 2026 | 1.42% | 1.63% | 1.88% |
1 Oct 2026 | 1.67% | 1.90% | 2.07% |
28 Oct 2026 | 1.57% | 1.75% | 1.92% |
Why rates rose, and why they are easing
Fixed mortgage rates in Switzerland follow the CHF interest rate swap (IRS) market, not the SNB policy rate directly. According to the Resolve Q3 2026 mortgage market report, the rise came from the 10-year CHF swap rate, driven by tightening at the ECB and the Fed, and "the market now anticipates a normalisation of policy by the SNB." Resolve puts the median 10-year fixed rate at 1.84%, up 14 basis points on the quarter and 27 basis points on the year.
The 10-year Confederation bond yield reached up to 0.7% in September, the highest since spring 2025, Bilanz reports. By 29 October it was 0.536%, per the SNB.
Florian Schubiger of hypotheke.ch, quoted by Bilanz, gives two reasons for the easing. First, Swiss inflation of 1.0% in September was lower than feared given commodity prices, so inflation expectations came back down. Second, the French budget crisis pushed capital into Switzerland as a safe haven, which pressed long-term yields lower. He calls the move "not a trend reversal" but a settling at a lower level.
The gap between lenders is huge
The most useful number for borrowers may be the spread between offers. Resolve found that on 10-year fixed residential mortgages, 98 basis points separated the best offer (1.46%) from the least competitive (2.44%) in Q3. Some lenders have returned with aggressive pricing, but selectively, which widens differences between lenders and regions. Rate rises were contained at 5–7 basis points in German-speaking Switzerland versus 10–13 in French-speaking Switzerland.
On 29 October, Grundheim listed the cheapest 10-year fixed mortgage at 1.63%, an average of 1.97% across 29 providers, and a highest indicative rate of 2.28%.
On a CHF 750,000 mortgage, roughly the average new loan of CHF 752,000 in Resolve's data, a difference of 0.5 percentage points means around CHF 3,750 a year in interest, before any amortisation.
The market is quiet
Demand has not kept up. Resolve counts 21,516 new loans worth CHF 19.77 billion in Q3, down 4.0% in number and 6.4% in volume year on year. It cites a shortage of properties, job uncertainty in some industries and a wait-and-see attitude linked to the Middle East and imported inflation.
What it means for you in Switzerland
Fixed vs SARON: SARON mortgages follow the SNB policy rate (0%) plus a bank margin. Fixed rates price in expected future rates. Since analysts increasingly expect the SNB to move off zero (see our SNB piece), the choice is a bet on how quickly that happens.
Shop around: With almost 1 percentage point between the best and worst offers, comparing banks, insurers and pension funds matters more than timing the market by a few basis points.
Renewing soon? Many lenders allow a forward fixing months ahead. Schubiger says long fixed terms now look attractive, but also warns that "a renewed rise in rates is just as possible as a further decline."
Affordability rules still apply: Banks test affordability at an imputed rate well above market rates, so lower offers do not automatically mean you can borrow more.
What to watch next
October inflation data in early November.
The SNB decision in December, and any shift in its tone.
ECB and Fed decisions, which have driven CHF swap rates this year.
Oil prices: Bilanz notes Brent above USD 110 a barrel.
Safe-haven flows linked to France's budget and the US midterm elections.
General information only, not investment, tax or legal advice, and not a recommendation to buy or sell any financial instrument. Figures come from the sources linked above and are preliminary. Independent; not affiliated with any exchange or authority.
Allgemeine Information, keine Anlageberatung. · Information générale, pas un conseil en placement. · Informazione generale, non consulenza in investimenti.