Swedish policy rate held at 1.75%, and the Riksbank expects it to stay
The policy rate stays at 1.75% for some time. A SEK 3 million variable loan costs about SEK 4,585 a month after tax relief. Next decision: 19 March 2026.
Sweden's central bank, the Riksbank, is leaving its policy rate ("styrränta") at 1.75%. The decision came today, Thursday 29 January 2026. The board expects the rate to stay at this level for some time, in line with its December 2025 forecast.
Why the rate is on hold
Inflation in December 2025 came in lower than expected and is now close to the 2% target. The Swedish economy grew at a good pace at the end of 2025, and household spending kept rising. The labour market is still weak, but the Riksbank sees clearer signs that it is improving.
The Riksbank judges that today's rate helps the economy recover and keeps inflation near target over time. Uncertainty has grown, though. Geopolitics made the start of 2026 dramatic, not least because of US foreign policy. The dollar has kept weakening against the krona. The Riksbank says it is ready to adjust the rate if the outlook changes.
What it means for your mortgage
A variable mortgage rate usually follows the policy rate. With the policy rate unchanged, the Riksbank gives banks no reason to move it.
Bolån Radar's data shows six large banks' average rates for a three-month fixed period between 2.57% and 2.68% in December 2025. The historic rates page shows how those averages have moved over time.
Take a SEK 3 million loan at 2.62%. That costs SEK 78,600 a year, or SEK 6,550 a month. After the 30% interest deduction ("ränteavdrag") it is about SEK 4,585 a month. That cost stays the same.
Fixed rates depend more on bond market rates than on today's policy rate. The same banks' average two-year rate was between 2.76% and 3.02% in December 2025. If you already have a fixed loan, nothing changes until the fixed period ends.
Next decision
The next rate decision is on 19 March 2026. The Riksbank will then also publish a new Monetary Policy Report with fresh forecasts. Today's decision came with an update that has no new forecasts.
Sources
- Riksbank: Monetary policy decision, January 2026 (Swedish)
- Riksbank: Press release 29 January 2026 (Swedish)
- Bolån Radar: historic average rates
This content is general information, not financial or legal advice. Bolån Radar collects data from banks and authorities and cannot guarantee that it is complete or free of errors. Talk to your bank or an adviser before you decide.