Swiss mortgage payers are in for a shock – as interest rates climb and are likely to get even higher.
An analysis by the comparison site moneyland.ch, show ten-year fixed terms are the most expensive they’ve been for a decade.
Rates have more than doubled in the last few months – at the beginning of the year, a ten-year rate was fixed at 1.26 percent – now they’re up to nearly 3%.
The big move happened after the Swiss National Bank raised rates last week – which was a surprise for the markets.
Inflation worries are behind the hike. It’s currently at 2.9%, but many believe it will go higher.
Flu cases explode
Public sector workers march in Geneva
Most expensive apartment in Zurich
Swiss winner returns Eurovision trophy
Call for 130 limit
Firework initiative causes sparks in parliament
