The comparison service Zmarta has compared banks' variable mortgage rates. In October, they averaged 2.77 percent compared to 2.68 percent the previous month in the wake of the Riksbank's previous interest rate cut.
Skandiabanken had the lowest average interest rate at 2.51 percent, while Ikano Bank had the highest at 2.84 percent. Among the four major banks, Nordea had the highest at 2.68 percent.
Zmarta writes in a press release that the difference between the highest and lowest average interest rates means SEK 3,300 per year in extra mortgage expenses for every million borrowed.
At the same time, banks' interest rates on savings accounts are also falling. In October, the average was 0.48 percent compared to 0.6 percent the previous month. Several major banks also have a zero interest rate.
"We are now seeing banks trying to increase their margins by lowering savings rates more than mortgage rates. Having your money in a savings account right now means you are losing money every day because inflation is falling much more steeply," says Zmarta's household economist Charlie Tideman in a press release.
