Swedens Policy Rate

Mortgage rates rise despite unchanged policy rate – how it affects your wallet

At its meeting in March 2026, the Riksbank decided to leave the policy rate unchanged at 1.75 percent. Despite this, several banks have raised their mortgage rates, meaning many households may face higher monthly loan costs even though the official policy rate has not changed.

What happened and why?

Following the announcement of an unchanged policy rate, several banks have nonetheless increased their mortgage rates. Sources highlight possible explanations, such as banks perceiving increased risks in the market, partly due to persistently high inflation and rising oil prices. Experts also point out that banks' own funding costs may have increased, which can influence their interest rate setting. There is also concern among some economists that inflationary pressure could lead the Riksbank to raise the policy rate earlier than some previous forecasts suggested.

Forecasts for the remainder of the year are uncertain. Some analysts believe there may be several policy rate hikes in 2026, while others think that a continued weak economic climate could hold back further increases. The disagreement among experts contributes to an uncertain situation for both banks and households.

How mortgages, personal loans, and savings are affected

• Mortgages: Even if you have a variable rate that follows the policy rate, your bank may have raised the rate anyway. This could result in a higher monthly cost. Therefore, check the current terms with your lender.
• Personal loans: Similar trends can be seen with personal loans, where banks' own risk assessments can influence interest rate setting regardless of the Riksbank's decision.
• Savings: If interest rates in the economy begin to move upward, this could eventually affect savings rates and returns on certain bond funds. For now, however, the increases are primarily noticeable on the lending side.

What does this mean for your daily finances?

Banks raising mortgage rates independently of the Riksbank's decision makes it harder to predict future costs. It is important not to assume that an unchanged policy rate automatically means mortgage rates will also remain stationary. Households with large loans can be quickly affected by such changes and may need to be prepared for increased expenses even without official interest rate announcements.

At the same time, there is significant variation between different banks' rates, as they assess risk and margins differently. It can therefore be valuable to compare terms and pay attention to whether your specific bank is making larger increases than others.

What should you keep in mind?

• Check your current interest rate – it may have changed even if you haven't received any new announcement from the Riksbank.
• Plan for the possibility that your loan costs could rise further if market uncertainty continues or if the Riksbank later chooses to raise the policy rate.
• Be cautious about concluding that interest rates will soon fall. Experts disagree, but several point to a risk of further increases during the year.
• Since there are no exact figures on how much banks have raised rates, you need to check with your bank or lender yourself to see what applies to your specific loan.