In its monetary policy assessment of 24 September 2026, the Swiss National Bank left the SNB policy rate unchanged at 0 per cent. It justifies this by pointing to inflation that remains within the range of price stability: it expects 0.7 per cent for 2026 and 0.8 per cent in each of 2027 and 2028. Inflation is likely to rise slightly in the fourth quarter before easing again as energy prices fall. The National Bank notes that it remains ready to act in the foreign exchange market if needed.
For owners, investors and tenants, this means the interest-rate environment stays calm for the time being. Variable and short-term mortgages follow the policy rate closely, while longer terms are also influenced by capital market rates. The mortgage reference rate used for rent adjustments is set separately by the Federal Office for Housing under its own method and is not determined directly by the policy rate. A turn in market rates remains possible, but this decision does not point to one.
From a developer's perspective, reliable financing is a locational advantage. Even when rates are stable, it makes sense to plan projects with reserves for fluctuations in interest and construction costs. This assessment is not individual advice.