At the same time, the bill is not the same from one bank to another. A household borrowing CHF 900,000 at a 10-year fixed rate, the purchase of a home worth around CHF 1.1 million with 20% equity, pays between CHF 1,095 and CHF 1,830 in interest per month depending on the offer. The gap reaches CHF 735 a month, or CHF 8,820 a year, and it widened this quarter.

Key figures for Q3 2026

• Median 10-year fixed rate: 1.84% (+14 bps over the quarter, +27 bps year on year)
• Median client SARON margin: 1.00% (SARON anchored to the 0% policy rate)
• Best 10-year offer negotiated by Resolve: 1.46%. Least competitive: 2.44%. Gap: 98 bps
• Best 5-year rate negotiated: 1.28%. Best SARON margin negotiated: 0.65%
• Median 10-year rate: 1.65% in Zurich, 1.78% in Geneva, 2.15% in Valais
• New mortgage loans: 21,516 for CHF 19.77 billion (-4.0% and -6.4% year on year)
• Median loan-to-value ratio for first-time buyers: 75.41%

How much does a CHF 900,000 mortgage cost depending on the bank?

On the residential 10-year fixed rate, 98 basis points separate the best offer negotiated this quarter (1.46%) from the least competitive (2.44%). For a CHF 900,000 loan, that means CHF 1,095 in interest per month in the first case and CHF 1,830 in the second. In the second quarter, the gap was 80 basis points: it has widened.

The gap comes from some lenders returning with aggressive rates, after a change of strategy over the summer or because they need volume before year-end. Their return targets primary residences first, and it includes regional banks. But it does not benefit everyone equally: the most expensive offers follow the markets, the best ones follow lenders’ appetite. Between August and September, the least competitive offer rose by 19 basis points, while the best one stayed flat.

Price and lending conditions are negotiated together. Well-structured applications get the best terms: sufficient equity, first-rank financing, a main banking relationship, an energy-efficient home. Current offers run until the end of 2026.

Why are mortgage rates rising in Q3 2026?

The 10-year fixed mortgage rate does not depend on the SNB but on the 10-year CHF IRS, the swap rate banks use to price their fixed-rate mortgages. It rose 19 basis points over the quarter, including 23 basis points between late August and late September, after rate hikes by the ECB (10 September) and the Fed (16 September).

Banks absorbed part of the increase: their median margin on the 10-year rate fell 5 basis points to 1.00%. Just under three quarters of the market increase was passed on to borrowers. For a CHF 900,000 loan, the median rate means about CHF 105 more interest per month than in spring, and about CHF 200 more than a year ago.

Fixed or SARON: what to choose this autumn?

A SARON mortgage currently costs about 1.00% (median margin, SARON at 0%), 84 basis points less than a 10-year fixed rate. For CHF 900,000, that is CHF 630 less interest per month. Many households have taken advantage: the share of volume lent at a fixed rate fell to 58.26% (-17.7 points over the quarter), and to 61.52% for primary residences. Some of these borrowers use SARON as a holding position before fixing.

That choice has a price. Swiss inflation reached 1.0% in September, and the market expects an SNB policy rate of at least 0.75% by September 2027. In our central scenario, the client SARON would rise towards 1.75%, about CHF 560 more interest per month than today for CHF 900,000. The current 84-basis-point gap already roughly matches the average SARON increase the market expects over ten years.

SARON is not a bad choice if the household budget can absorb a rise. For anyone who wants stable costs, waiting for a lasting fall in rates is not a strategy: we expect the 10-year rate to ease towards 1.75% until November, then rise towards 2% from December.

French- or German-speaking Switzerland: where does borrowing cost more?

The increase was stronger in French-speaking Switzerland (+10 to +13 basis points) than in German-speaking Switzerland (+5 to +7 basis points). The reason is the number of active lenders: German-speaking Switzerland has more cantonal banks operating beyond their own canton, more regional banks and more pension funds. Where competition is strong, the increase was cushioned.

As a result, a borrower in Geneva (1.78%) pays almost CHF 100 more interest per month than a borrower in Zurich (1.65%) for CHF 900,000. Ticino recorded the largest increase (+15 basis points). Valais remains the most expensive region (2.15%), a level driven by second homes that does not reflect the rate obtained for a primary residence.

First-time buyers: prices are rising faster than wages

The median loan-to-value ratio for first-time buyers of a primary residence stood at 75.41% in Q3 2026. Since early 2025, it has ranged between 74% and 79%, without reaching the 80% regulatory cap. The limit lies elsewhere: home prices rose 3.5% over one year, while nominal wages increased 1.8% in 2025 (FSO). When income grows more slowly than the property price, affordability blocks the purchase before the 80% cap. First-time buyers then need more equity to buy the same property.

The mortgage market is down year on year

Q3 2026 recorded 21,516 new mortgage loans for CHF 19.77 billion, a slight seasonal dip over the quarter (-1.72% in number, -0.43% in volume). Year on year, the market fell 4.0% in number and 6.4% in volume. Residential is holding up thanks to prices: it accounts for 64% of new loans, and the average loan size rose to CHF 752,000. Three factors are delaying purchases: the scarcity of available properties, job uncertainty in some industries such as watchmaking and pharma, and caution linked to the Middle East and imported inflation. Investment properties fell further (-12.1% in volume year on year), because lenders are more selective there.