Swedens Policy Rate

Mortgage rates rise despite unchanged benchmark rate – how it affects your finances

On March 19, 2026, the Riksbank chose to leave the benchmark rate unchanged at 1.75 percent. Despite this, several major banks have raised their mortgage rates during the latter part of March. The background is increased concern regarding inflation, particularly linked to rising energy prices. This shows that the market sometimes acts before the Riksbank, and that household costs can change even when the official benchmark rate remains static.

Why are banks raising rates when the benchmark rate stands still?

Mortgage rates are often influenced by the Riksbank's benchmark rate, but banks also take into account their own assessments of future risks and costs. Currently, banks and analysts, including those from SEB and the National Institute of Economic Research (Konjunkturinstitutet), see increased risks of inflation due to rising energy prices. This has led several banks to raise their mortgage rates, even though the benchmark rate has not changed. The Riksbank has noted the banks' actions and pointed out that this could have implications for future monetary policy decisions.

How you are affected as a borrower and saver

• Mortgage: Your monthly cost may increase even if the benchmark rate does not, as banks price in future risks. If you have a variable-rate mortgage, you may notice the increase immediately, while those with fixed-rate loans will be affected only at the next renewal period.
• Personal loans: Interest rates on personal loans may also rise if banks perceive increased risks. It may become more expensive to take out new loans or to keep existing loans with variable rates.
• Savings: If banks raise deposit rates, savers may get better returns on savings accounts, but this often happens more slowly than the increases on the lending side. It may be worth comparing terms between different banks.

Things to consider in today's interest rate environment

• An unchanged benchmark rate does not automatically mean your loan costs will remain static. Banks' own decisions affect your finances directly.
• Rising energy prices and concerns about inflation can lead to loan interest rates rising faster than many expect.
• The discussion around stagflation – the combination of high inflation and low growth – could affect both interest rates and the labor market in the future.
• Keep track of both the Riksbank's and your bank's interest rate announcements. It is the banks' actual decisions that determine your monthly cost, not just the official rate statements.

Uncertainties and practical advice

• The fact that the benchmark rate is standing still now is no guarantee that it will remain so in the future. Analysts and banks are signaling that the risk of hikes has increased.
• Compare terms between different banks and create margins in your finances to handle potential interest rate changes.
• The sources refer to dates in 2026. Always check current dates and announcements when making your own decisions regarding loans and savings.