Swedens Policy Rate
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Mortgage rates rise despite unchanged policy rate – how it affects your finances
At its meeting on March 19, 2026, the Riksbank chose to leave the policy rate unchanged. Despite this, several of the largest banks have raised their mortgage rates during late March. This means that many households may face higher monthly costs for both mortgages and personal loans, even though the official policy rate has not changed.
Why are banks raising rates when the policy rate remains unchanged?
Banks cite uncertainty regarding economic developments and future interest rate decisions. Several sources indicate that banks are acting based on expectations that the policy rate may need to be raised if inflation does not fall quickly enough. There are also discussions about risks of so-called stagflation, where prices continue to rise while growth remains low. This type of uncertainty can lead banks to adjust their own rates, sometimes as a precautionary measure, which impacts household costs.
What does this mean for you if you have loans or savings?
- Variable-rate mortgages: If you have a variable-rate mortgage, the interest rate can be raised with short notice when the bank makes its own adjustments. This can result in a direct increase in monthly costs, even if the Riksbank has not raised the policy rate.
- Personal loans: Interest rates on personal loans can also be affected by banks' assessments and may be raised independently of the Riksbank's decisions.
- Fixed rates: If you have locked in a fixed rate, you are not affected by these adjustments during the fixed period, but when it is time to renegotiate, the new rate may be higher.
- Savings: Banks may also adjust interest rates on savings accounts, sometimes upwards, but this does not always happen in line with mortgage rates and varies between banks.
Important things to keep in mind
- The fact that the Riksbank is not raising rates does not mean your loan costs will remain static – banks' own decisions can affect you quickly.
- Banks' interest rate levels can change with short notice and are not always directly linked to the current policy rate.
- Discussions about stagflation and economic uncertainty mean that banks may want to maintain margins to manage future risks.
How can you interpret this development?
For households with loans, this development means that simply following the Riksbank's announcements is not enough. Banks' pricing can change rapidly based on their own forecasts and market expectations. It may be wise to regularly check which interest rates apply to your loans and review how changes affect your finances. If you have a variable rate, you are particularly exposed to rapid changes, whereas a fixed rate offers temporary protection. Even for savings, it may be worth keeping an eye on whether the bank raises the rate on your savings account, but the differences between banks can be significant.
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