Average variable mortgage rate dips in October as five-year fixed rates rise

As the Swedish Central Bank raises its key interest rate, variable mortgage rates are expected to follow suit.

“Expect to see it in your wallet soon,” says Ola Söderlind, household economist at Zmarta, in a press release.

The average variable mortgage rate fell to 2.71 percent in October, down from 2.72 percent in September, according to Zmarta. Skandiabanken offered the lowest rate, at an average of 2.57 percent, while Ikano Bank topped the list with an average rate of 2.93 percent.

The average rate on a five-year fixed-rate mortgage rose to 3.85 percent in October, up from 3.48 percent in September. Swedbank offered the lowest rate, at an average of 3.34 percent.