Trends in mortgage interest rates in Switzerland: 5- and 10-year fixed-rate mortgages since 2008, fixed-rate mortgages of all tenors 1993–2007, variable-rate mortgages 1990–1992. Three clearly defined data periods from official sources — so you can put your interest rate into context.
| Primary source | Swiss National Bank (SNB), Data Portal, «zikrepro» cube (published interest rates for new business). Supplemented by immobilienhub.ch/Comparis for 1993–2007. |
| Data as at | SNB monthly figures up to April 2026 (published 1 June 2026). The annual figure for 2026 is provisional (Jan–Apr). |
| Methodology | Closing rates (the rates actually agreed for new business), not list prices. Annual averages = arithmetic mean of the monthly figures. |
You’ve got a mortgage offer on the table — or an existing mortgage that’s due to expire soon. The bank has quoted you an interest rate. But is it a good one? It’s hard to judge without a historical comparison. This page provides the context: the trend in mortgage interest rates in Switzerland since 1990, based on official sources and clearly broken down by term.
A quick tip to start with, which makes all the difference: «The historical average» is not a single figure. A 5-year fixed-rate mortgage has a different average to a 10-year one. Lumping the two together is like comparing apples and oranges. That is why this page states the term and the period for each key figure — never just «the average».
| 5-year fixed-rate mortgage, average 2008–2025 | 1.81 % — Average of the SNB’s closing rates since 2008 |
| 10-year fixed-rate mortgage, average 2008–2025 | 2.29 % — Average of the SNB’s closing rates since 2008 |
| Is an interest rate of 2 % at a historic low? | Not across the board: slightly over the 5-year average, but under the 10-year average |
| Current (April 2026) | 5-year fixed-rate mortgage 1.70 %, 10J 1.98 % — Rose slightly in early 2026 |
| Primary source | SNB Data Portal (Cube zikrepro), closing interest rates on new business |
Mortgage interest rates fluctuate — in line with the SNB’s monetary policy, capital market rates and the risk environment. A rate of 2 % feels high today when measured against the low-interest-rate period of 2020/2021. Compared with the 1990s, when variable-rate mortgages at times cost over 7 %, the same rate is a bargain. The question «Is my interest rate a good one?» can only be answered with the right frame of reference.
Our assessment: If you want to assess your mortgage interest rate, you need two things: a suitable term for comparison and a realistic timeframe. We provide both — and are open about where the data source changes. That’s the difference between a figure you can quote and a gut feeling.
The time series consists of three data phases, each with a different methodology. It is not only the source that changes, but also the product being measured. That is why we show the phases in separate tables rather than in a single continuous column — otherwise it would give the false impression of a complete 5-year/10-year series dating back to 1990. For details, see Methodology.
| Year | 5-year fixed-rate mortgage | 10-year fixed-rate mortgage |
|---|---|---|
| 2026for the time being | 1.62 % | 1.93 % |
| 2025 | 1.55 % | 1.88 % |
| 2024 | 2.00 % | 2.16 % |
| 2023 | 2.79 % | 2.92 % |
| 2022 | 2.21 % | 2.60 % |
| 2021 | 1.09 % | 1.35 % |
| 2020 | 1.10 % | 1.27 % |
| 2019 | 1.11 % | 1.34 % |
| 2018 | 1.24 % | 1.74 % |
| 2017 | 1.20 % | 1.66 % |
| 2016 | 1.21 % | 1.64 % |
| 2015 | 1.31 % | 1.91 % |
| 2014 | 1.50 % | 2.23 % |
| 2013 | 1.78 % | 2.57 % |
| 2012 | 1.50 % | 2.15 % |
| 2011 | 2.18 % | 2.94 % |
| 2010 | 2.30 % | 3.04 % |
| 2009 | 2.67 % | 3.50 % |
| 2008 | 3.84 % | 4.25 % |
Source: SNB Data Portal (Cube zikrepro), closing interest rates on new business. Sorted in descending order. 2026 figures are provisional (Jan–Apr) and will be updated in the course of the year.
| Year | Fixed-rate mortgage (average) – all terms |
|---|---|
| 2007 | 2.99 % |
| 2006 | 2.95 % |
| 2005 | 3.08 % |
| 2004 | 3.29 % |
| 2003 | 3.81 % |
| 2002 | 4.17 % |
| 2001 | 4.28 % |
| 2000 | 3.89 % |
| 1999 | 4.25 % |
| 1998 | 4.50 % |
| 1997 | 4.93 % |
| 1996 | 5.27 % |
| 1995 | 5.55 % |
| 1994 | 6.06 % |
| 1993 | 7.22 % |
Source: immobilienhub.ch (based on Comparis data). Average across all fixed-rate mortgage terms; not broken down into 5-year and 10-year terms.
| Year | Variable-rate mortgage Ø | Deep | High |
|---|---|---|---|
| 1992 | 7.80 % | 7.55 % | 7.89 % |
| 1991 | 7.83 % | 7.76 % | 7.99 % |
| 1990 | 7.42 % | 6.65 % | 7.92 % |
Source: SNB Data Portal, new variable-rate mortgage business, average of all banks. Peak in February 1991 at 7.99 % (monthly average).
The time series for 1990–2026 comprises three phases, each using a different methodology: 1990–1992 variable-rate mortgage (SNB), 1993–2007 Fixed-rate mortgages of all maturities combined (Comparis/immobilienhub.ch), from 2008 onwards 5-year and 10-year fixed-rate mortgages shown separately (SNB closing rates). The source and product definition changed in 1993 and 2008. Comparisons across these breaks should be made with caution.
The reliable, product-specific average figures are taken from the SNB series from 2008 onwards — the only period in which a clear distinction is made by maturity. Variable-rate mortgages and mixed fixed-rate mortgages from earlier periods are included in these averages not included.
A mortgage rate of 2 % is not historically low across the board: it stands at slightly over the average for 5-year fixed-rate mortgages since 2008 (1.81 %), but under the average for 10-year fixed-rate mortgages (2.29 %). Without specifying the term, it is not possible to answer the question meaningfully.
In concrete terms, this means that, historically, 5-year fixed-rate mortgages have averaged around 1.81 % since 2008, whilst 10-year fixed-rate mortgages have averaged around 2.29 %. An interest rate of 2 % is therefore slightly above the 5-year average, but below the 10-year average. Anyone opting for a longer fixed-rate period pays a premium for planning security — which is why the 10-year figures are consistently higher than the 5-year figures.
Over a 10-year term, that half a percentage point adds up to around CHF 40,000 — calculated without compound interest. That is why it is worth comparing options, and why choosing the right term is no trivial matter.
If you’re looking for the ideal term for your own situation: it depends on your risk tolerance, budget and planning certainty — not just on the historical average. A short-term commitment tends to be cheaper, but less secure; a long-term commitment costs more, but locks in your instalments. If you want to work this out properly, you’ll find in the FinanzFahrplan (in german) the right tool.
The time series combines three data periods with different sources and product definitions. We disclose every break so that you can verify each figure and place it in the correct context.
The source and the product being measured change in 1993 and 2008. Where we are linking phases, this is indicated.
SNB Data Portal, «zikrepro» cube: published interest rates for new business, average across all banks, with 5-year and 10-year fixed-rate mortgages shown separately. Annual average = arithmetic mean of the monthly figures. 218+ monthly data points per maturity.
immobilienhub.ch, based on Comparis data. Average of all fixed-rate mortgage terms; it is not possible to break this down into 5-year and 10-year terms. Methodologically, this is not directly comparable with the SNB figures from 2008 onwards — hence it is shown separately.
No data on fixed-rate mortgages is available from any public source prior to 1993. The figure shown relates to variable-rate mortgages (SNB, new business) — a different product, clearly distinguished and not included in the averages for fixed-rate mortgages.
From 2008 onwards, we have been using the SNB’s average actual mortgage rates, rather than the published reference rates of individual banks. Actual rates reflect what was actually agreed — a more accurate reflection of reality than advertised rates.
Since 2008, we have been using the SNB’s average actual mortgage interest rates, rather than the published reference rates of individual banks. Actual interest rates reflect what customers have actually agreed in real terms — whereas reference rates are merely window-dressing. This is why our figures may differ from those on individual comparison websites.
It’s not a one-size-fits-all situation. For 5-year fixed-rate mortgages, 2 % is slightly above the 2008–2025 average of 1.81 %. For 10-year fixed-rate mortgages, 2 % is below the average of 2.29 %. The answer therefore depends on the term.
Since 2008, the SNB average for newly taken-out fixed-rate mortgages has been 1.81 % for 5 years and 2.29 % for 10 years. These figures apply only to SNB closing rates from 2008 onwards, not to the older mixed time series (1993–2007) or variable-rate mortgages (1990–1992).
Yes, they have been more in the middle of the historical range since 2008. They are significantly higher than during the period of low interest rates in 2020/2021, but clearly below the levels seen in 2008/2009 and well below those of the 1990s.
Since 2008: rather high. Over the longer period since 1990: not unusual. In the 1990s, mortgage interest rates were, in some cases, significantly higher.
According to the SNB, the lowest rates for 5- and 10-year fixed-rate mortgages were recorded around the time of the low-interest-rate period in 2020/2021.
There is no one-size-fits-all answer to this. The optimal investment horizon depends on your risk tolerance, your budget and your need for planning certainty. The historical average is a guide, not a recommendation. This is not investment advice.
«There is no such thing as »the historical average’ for mortgage interest rates — it depends on the term. Since 2008, the SNB average for 5-year fixed-rate mortgages has been 1.81 %, and for 10-year mortgages 2.29 %. An interest rate of 2 % is therefore neither clearly low nor clearly high — it lies just above the 5-year average and below the 10-year average.
Who this page is for: For anyone looking to assess a mortgage offer or renew an expiring mortgage. A proper comparison requires the right term and a realistic timeframe — we provide both here.
What you should bring with you: Always compare your interest rate with the same term, not with «the average». And bear in mind that today’s interest rates have risen slightly since early 2026 — in the long term, they have remained in the middle of the range since 2008, well below the levels of the 1990s.
Your next step: Compare the specific offer with the average for your term. If you want to find the best fixed-rate period for your situation, work it out using the FinanzFahrplan (in german) or talk to an independent person you trust.
This is not investment advice. The optimal term and mortgage strategy depend on your personal circumstances. For specific queries, we recommend speaking to an independent expert or the FinanzFahrplan (in german).