Mortgage Radar – October 2026

As expected, the Swiss National Bank left its policy rate unchanged at 0.00% on September 24. At the long end, however, the picture has changed noticeably: the yield on ten-year Swiss government bonds has risen from 0.30% at the beginning of the year to around 0.60%. Fixed-rate mortgages have followed suit. Ten-year terms currently range from around 1.75% to 2.25%, five-year terms from 1.70% to 2.10%, and two-year terms from 1.45% to 1.85%. At 0.90% to 1.15%, SARON mortgages remain the most cost-effective option.

With rate hikes back on the agenda, many homeowners are considering a switch to a fixed-rate mortgage. A hasty switch rarely pays off, though. It would take more than three rate hikes for a SARON mortgage to become as expensive as a five-year fixed-rate mortgage. The decision should be based on your own affordability and a structured comparison of several providers.

The environment is more challenging for investment properties. The revised Capital Adequacy Ordinance has applied since 2025, and banks now have to hold more capital against rented properties. As a result, many banks are charging higher margins or lending more selectively, especially for construction and development projects. In this segment, the key factor is access to the right bank, one whose risk appetite matches both the property and the borrower.

Find out in the latest Mortgage Radar how interest rates are developing and what matters most for your financing right now.