Knowledge
Swiss reference rate
The official benchmark for rent adjustments in Switzerland — published quarterly by the Federal Office for Housing (FOH). Here you will find the current level, the complete history since 2008 and what the rate actually means.
Current rate
1.25 %
valid since 2 September 2025
All-time low
1.25 %
first reached in March 2020
All-time high
3.50 %
at introduction in 2008
Next announcement
Sept 2026
Data as of 2 July 2026 (FOH, updated automatically)
History since 2008
All changes at a glance
| Valid from | Reference rate |
|---|---|
| 2 September 2025 | 1.25 % (current) |
| 4 March 2025 | 1.50 % |
| 2 December 2023 | 1.75 % |
| 2 June 2023 | 1.50 % |
| 2 March 2020 | 1.25 % |
| 2 June 2017 | 1.50 % |
| 2 June 2015 | 1.75 % |
| 3 September 2013 | 2.00 % |
| 2 June 2012 | 2.25 % |
| 2 December 2011 | 2.50 % |
| 2 December 2010 | 2.75 % |
| 2 September 2009 | 3.00 % |
| 2 June 2009 | 3.25 % |
| 10 September 2008 | 3.50 % |
Listed are the change steps; between two dates the rate remained unchanged at the quarterly announcements. Source: Bundesamt für Wohnungswesen (BWO), updated automatically every day.
What is the reference rate?
The mortgage reference rate is the volume-weighted average interest rate of all domestic mortgage claims held by banks in Switzerland. The Swiss National Bank collects this average quarterly; the Federal Office for Housing rounds it to the nearest quarter of a percent and publishes it as the official reference rate. It reflects how expensive mortgages in Switzerland actually are on average — smoothed across the entire stock, not up to the day.
Its role in rental law
Since 10 September 2008, the reference rate has been the single decisive rate for rent adjustments in existing, open-ended tenancies throughout Switzerland (Art. 13 VMWG) — replacing the previously canton-specific mortgage rates.
When the rate falls
For every quarter-point cut, tenants are entitled to a rent reduction of around 2.91% — provided the rent is based on the higher rate. The reduction must be claimed from the landlord; it does not happen automatically.
When the rate rises
For every quarter-point increase, landlords may raise the rent by 3% — as in the two rounds of increases in 2023.
Relevance for your mortgage
For mortgage borrowers, the reference rate is not directly binding: your own terms follow the providers' SARON and fixed rates. Because the reference rate reflects the stock of all outstanding mortgages, it lags market rates considerably — it serves as a smoothed indicator of the rate level, not as a forecast for your personal offer. The direct driver of current mortgage rates — the SNB policy rate — is explained on its own page.
And what do you pay for your mortgage?
The reference rate shows the market average — your terms depend on provider, model and property use. Compare in three steps.
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