Knowledge
SNB policy rate
The Swiss National Bank's central monetary policy instrument — and the most direct driver of SARON mortgages. Here you will find the current level, the history since 2009 and what it means for your financing.
Current policy rate
0.00 %
since the decision of 19 June 2025
All-time low
-0.75 %
Negative rates January 2015 to June 2022
All-time high
1.75 %
June 2023 to March 2024
Next decision
Sept 2026
Data as of 2 July 2026 (SNB, updated automatically)
History since 2009
All rate changes at a glance
| Decision of | SNB policy rate |
|---|---|
| 19 June 2025 | 0.00 % (current) |
| 20 March 2025 | 0.25 % |
| 12 December 2024 | 0.50 % |
| 26 September 2024 | 1.00 % |
| 20 June 2024 | 1.25 % |
| 21 March 2024 | 1.50 % |
| 22 June 2023 | 1.75 % |
| 23 March 2023 | 1.50 % |
| 15 December 2022 | 1.00 % |
| 22 September 2022 | 0.50 % |
| 16 June 2022 | -0.25 % |
| 15 January 2015 | -0.75 % |
| 18 December 2014 | -0.25 % |
| 3 August 2011 | 0.13 % |
| 12 March 2009 | 0.38 % |
| 11 December 2008 | 0.50 % |
Listed are the change decisions; at the other quarterly assessments the rate remained unchanged. Values before 13 June 2019: midpoint of the SNB's target range for the 3-month Libor. Source: Schweizerische Nationalbank (SNB), updated automatically every day.
What is the SNB policy rate?
With the policy rate, the Swiss National Bank steers the interest-rate level in the money market: it aims to keep short-term Swiss-franc money-market rates — above all the SARON — close to the policy rate. It was introduced on 13 June 2019 as the successor to the target range for the 3-month Libor. The SNB normally reviews the policy rate quarterly at its monetary policy assessments (March, June, September, December).
What it means for mortgages
SARON mortgages
The SARON tracks the policy rate almost one to one. Every policy-rate change therefore feeds through to a SARON mortgage almost immediately — up as well as down.
Fixed-rate mortgages
Fixed-rate mortgages follow capital-market rates (swap rates), which already price in the expected future path of the policy rate. They therefore often move before a rate decision.
Policy rate and reference rate
The policy rate acts quickly and directly on new mortgage rates; the mortgage reference rate by contrast reflects the slow-moving average of all existing mortgages and is decisive for rental law. Put simply: the policy rate affects your next mortgage, the reference rate your rent.
Benefit from the rate environment?
SARON or fixed: which strategy fits the current policy-rate level depends on your situation. Compare the terms of all provider categories.
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