The movement was triggered by easing conditions in global bond markets. After fixed-rate mortgages had become significantly more expensive in the third quarter of 2026 despite the SNB’s zero interest rate policy, rates have been trending downward again since mid-October. The decline was particularly noticeable for longer-term mortgages.
Benchmark rates are falling across all maturities
According to the analyzed market rates, the average benchmark rate for 10-year fixed-rate mortgages stands at 1.9 percent, which is 0.08 percentage points lower than in mid-October. Five-year terms fell to 1.74 percent, three-year terms to 1.64 percent, and two-year terms to 1.56 percent. While this level remains well below the peaks of previous interest rate cycles, the upward correction seen since the summer has not yet completely disappeared.
For homeowners facing an upcoming renewal, the difference between published and actual interest rates is particularly crucial. The FuW-Hypo Index for 10-year loans arranged through the CredEx platform most recently stood at 1.66 percent. That is 0.08 percentage points lower than in mid-October and 0.06 percentage points lower than a week earlier. The published reference rates were thus, on average, 0.24 percentage points higher than the actual rates at which loans were closed.
Market spread remains wide
Those who shop around continue to save significantly. Among published offers, the lowest 10-year fixed-rate mortgage was most recently 1.63 percent, while rates at the upper end reached 2.15 percent. The differences remain striking even for short- and medium-term loans. This increases pressure on borrowers—not because of the general interest rate level, but because of the wide price variation among providers.
By way of comparison, the Comparis Mortgage Barometer for the third quarter of 2026 shows how abruptly the market had previously turned upward. At the end of September, benchmark rates for 10-year fixed-rate mortgages were still at 2.07 percent. The recent reversal partially offsets this increase, but it does not eliminate it entirely. Those who need to refinance in the coming weeks will therefore benefit most if they actively negotiate offers and compare multiple providers.
