The most recent spike did not come from the Swiss National Bank, but from the capital market. Although the SNB kept its key interest rate at 0 percent on September 24, 2026, the yield on 10-year federal bonds stood at around 0.58 percent in early October. This also drove up the hedging costs for banks on long-term maturities.
This has a direct impact on the mortgage market. At Comparis, the benchmark rate for 10-year fixed-rate mortgages climbed to 2.07 percent as of the end of September, up from 1.77 percent at the end of June. Five-year terms rose to 1.90 percent during the same period, while three-year terms rose to 1.75 percent.
Long-term commitments remain the standard model
Despite higher rates, demand for long-term mortgages remained surprisingly stable. Mortgages with terms of ten years or more accounted for 43 percent of contracts signed at the end of September, up from 42 percent at the end of June. Saron mortgages rose slightly from 19 to 21 percent, while medium-term maturities of four to seven years fell to 21 percent.
For homeowners, this is a clear signal. Anyone who secures financing or renews a loan today is primarily buying peace of mind regarding their financial planning. This is all the more true because, while the premium for long terms has risen, the international interest rate landscape remains volatile.
International Pressure Hits the Swiss Market
In the U.S., the Fed raised its target range by 0.25 percentage points to 3.75–4.00 percent on September 16, 2026. The ECB set its deposit rate at 2.50 percent in September. This international interest rate pressure is also affecting Swiss maturities, even though domestic monetary policy remained accommodative.
The gap between the benchmark rate and the best available rate shows how much room for negotiation remains. For a 10-year fixed-rate mortgage, the best rate brokered by Comparis at the end of September was 1.60 percent—0.47 percentage points below the benchmark rate of 2.07 percent. For a mortgage of 750,000 Swiss francs, this translates to potential savings of 35,250 Swiss francs over ten years.
