Mortgage rates in Switzerland have fallen significantly since the beginning of 2024. 10-year fixed-rate mortgages peaked in 2023 — around 2.9% on an annual average, and above 3% in peak months — and in 2026 stand at around 2.0% on an annual average (current offers around 1.65%). SARON mortgages track the Swiss reference rate, which has likewise been at a historic low since the SNB cut it to 0.00% in September 2025. These statistics show the development since 2012 by term, with current market prices from all tracked providers and forecasts for 2026.
Interest rates in Switzerland hit a historic low in 2015 — the SNB introduced negative interest rates (-0.75%), and 10-year fixed-rate mortgages fell below 1.40%. From 2018 to 2021, rates stagnated before the global inflation wave of 2022–2023 triggered a rapid rise: the annual average for 10-year mortgages climbed to around 2.9% in 2023 (peak months above 3%). Since 2024 they have been falling again — around 2.0% on an annual average in 2026, with current offers around 1.65%.
Fixed-rate mortgage rates are guided by the capital market — specifically by swap rates for the respective term. These rates reflect inflation and interest rate expectations for the future. SARON mortgages follow the daily reference rate, which is closely linked to the SNB policy rate. The SNB currently keeps the policy rate at 0.00% and signals a stable policy for 2026 with moderate adjustments depending on inflation developments.
The yield curve is slightly upward sloping in 2026: 2-year mortgages are at 1.30%, 5-year at 1.55%, 10-year at 1.65% and 15-year at around 1.95%. Those seeking planning certainty fix for 10–15 years. Those speculating on further rate cuts choose SARON or short terms. A mixed strategy (e.g. 50% SARON + 50% 10-year fixed) spreads the interest rate change risk.
Cantonal banks and insurers are currently often 10–20 basis points cheaper than major banks (UBS, Credit Suisse). Online mortgage brokers (e.g. Hypoplus, Hypotheke.ch) consolidate several providers and can be 5–15 basis points below direct offers. Within the same bank, the individual rate varies by 20–40 basis points depending on loan-to-value, affordability and banking relationship.
Anyone financing a property in 2026 benefits from a historically low interest rate environment. An CHF 800'000 mortgage fixed for 10 years currently costs around CHF 13'200 in interest per year — compared with around CHF 24'000 at the 2023 peak. Strategy recommendation: obtain at least 3–5 offers, optimise the loan-to-value to below 67% and make use of your banking relationship.
Market observers expect stable to slightly rising rates in 2026. The SNB is likely to keep the policy rate at 0.00%, but long-term capital market rates edged higher at the start of 2026 — driven by inflation expectations in the eurozone. 10-year fixed-rate mortgages could rise to 1.80–2.00% towards the end of the year, without a dramatic interest rate reversal. Forward mortgages secure today’s rate for a payout in 6–24 months.
The average 10-year fixed-rate mortgage fell from its peak of 2.92% (2023) to 1.96% (2026); SARON stands at -0.08% in 2026. All annual averages since 2012:
| Year | SARON (%) | Fixed 2y (%) | Fixed 5y (%) | Fixed 10y (%) |
|---|---|---|---|---|
| 2012 | 0.00 | 1.28 | 1.50 | 2.15 |
| 2013 | -0.01 | 1.33 | 1.78 | 2.57 |
| 2014 | -0.02 | 1.25 | 1.50 | 2.23 |
| 2015 | -0.72 | 1.15 | 1.31 | 1.91 |
| 2016 | -0.74 | 1.10 | 1.21 | 1.64 |
| 2017 | -0.74 | 1.07 | 1.20 | 1.66 |
| 2018 | -0.74 | 1.08 | 1.24 | 1.74 |
| 2019 | -0.73 | 1.04 | 1.11 | 1.34 |
| 2020 | -0.70 | 1.03 | 1.10 | 1.27 |
| 2021 | -0.71 | 1.01 | 1.09 | 1.35 |
| 2022 | -0.15 | 1.88 | 2.20 | 2.60 |
| 2023 | 1.51 | 2.78 | 2.79 | 2.92 |
| 2024 | 1.22 | 1.97 | 2.01 | 2.16 |
| 2025 | 0.09 | 1.33 | 1.55 | 1.88 |
| 2026 | -0.08 | 1.32 | 1.60 | 1.96 |
Source: Swiss National Bank (SNB), data.snb.ch — SARON (zimoma) and fixed-rate mortgage reference rates (zikrepro), annual averages.