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Article written in collaboration with PLUS, Swiss expert in accounting, taxation, insurance and mortgages.
The SNB kept its policy rate at 0.00% on March 19, 2026. Is this good news for homeowners and future buyers?
The SNB's decision to maintain its policy rate at 0.00% announced on March 19, 2026 may at first glance be read as a signal of continuity. For the Swiss real estate market, this decision remains rather reassuring: it supports still favorable financing conditions and limits abrupt movements in mortgage rates at this stage. But this doesn't mean rates will stay low for long. It's primarily a decision to buy time in a context that's becoming more uncertain.
What should we understand behind this decision?
The SNB's real message is more nuanced. In its analysis, the SNB notes a slight acceleration in inflation, rising from 0.0% in November to 0.1% in February. It also indicates that rising energy prices linked to the escalation in the Middle East should lead to a more marked increase in inflation over the coming quarters. In the short term, its conditional inflation forecast is therefore higher than in December.
Does the situation remains stable in Switzerland despite everything?
At the same time, the SNB specifies that in the medium term, inflationary pressure has slightly decreased thanks to the franc's appreciation, which makes imported products like energy, raw materials or certain consumer goods cheaper for Switzerland. Result: inflation remains within the price stability range throughout the forecast period, with an expected annual average of:
0.5% in 2026
0.5% in 2027
0.6% in 2028
(Assuming the policy rate is maintained at 0%)
Could the SNB change strategy?
Yes, and it clearly recalls that it will continue to monitor the situation closely and will adapt its policy if necessary. In other words, this maintenance at 0.00% is not a promise of sustainable low rates. It's a balancing decision, taken in an increasingly uncertain global context.
Geopolitical risks weighing on growth:
These risks don't only concern financial markets. The SNB emphasizes that global uncertainty has significantly increased with the Middle East conflict. A further rise in energy prices, disruptions in supply chains or ongoing trade uncertainties could revive inflation and slow growth. For Switzerland, the SNB currently anticipates GDP growth of around 1% in 2026 and 1.5% in 2027, in a context it still considers fragile.
Why does this topic go far beyond mortgages?
Because the level of rates influences much more than a mortgage. This decision has implications for pension planning, insurance, taxation and wealth planning. When rates remain low but geopolitical and energy uncertainties rise, financial decisions require more than a surface reading: they demand a comprehensive, coherent and updated vision.
In this type of context, it becomes important to look at your entire financial situation and not just your mortgage.
What reflexes should you adopt today?
Three points to consider:
Review your mortgage strategy: fixed term, fixed/SARON mix, safety margins.
Strengthen wealth coherence: real estate, liquidity, investments and taxation must be aligned.
Integrate inflation/energy risk: even low, more persistent inflation impacts real returns, expenses and long-term planning.
How can you be sure of your decisions?
At Alpian, we're convinced that good advice doesn't just consist of commenting on a rate. In an environment that appears stable but is more uncertain beneath the surface, a structured and coordinated approach makes all the difference.
This is precisely the objective of the partnership between Alpian and PLUS: to offer you complete expertise to simplify your decisions related to taxation, financing, insurance and wealth planning.
PLUS is a Swiss company headquartered in Lausanne, with over 25 employees and an active presence throughout the country. By combining expertise in accounting, taxation, insurance and mortgages, PLUS offers 360° financial advice and tailored solutions. To date, more than 10'000 clients have already been supported. Whether you're a company, self-employed or an individual, their team helps you realize your projects with clarity and peace of mind.
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