Wednesday, March 22, 2023

Mortgages continue to get more expensive

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3.02 percent for ten-year-olds

Mortgages continue to get more expensive

Mortgage interest rates rose somewhat in the final quarter of 2022. According to the comparison service Comparis, the reference rates for ten-year mortgages rose by 0.1 percentage points to 3.02 percent from the beginning of October to the end of December.

The tighter monetary policy of the Swiss National Bank (SNB) is having an effect: Mortgage interest rates in this country continued to rise in the final quarter of 2022. (Iconic image)

The rates for five-year fixed-rate mortgages meanwhile increased by 0.26 percentage points to 2.79 percent. This is the conclusion of an analysis published on Thursday by HypoPlus, the Comparis Group’s mortgage specialist. HypoPlus compares the reference rates of around 50 banks.

Saron mortgages also became more expensive. The Saron rate rose by 0.5 percentage points to 1 percent in the fourth quarter following the interest rate decision by the Swiss National Bank (SNB). Including the Saron reference margin of 0.96 percent, this results in an annualized interest burden of almost 2.0 percent for Saron mortgages.

In view of the changing interest rates, a third of homeowners are considering changing their mortgage model, according to a survey published at the same time by Comparis. Around a third (63 percent) only have a fixed-rate mortgage, while almost 15 percent of the cases have a combination of a fixed-rate mortgage and Saron. In addition, in view of rising interest rates, more than a quarter of those surveyed want to reduce their mortgage debt more quickly.


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