Yield curve and yield structure
For mortgages
Die Zinskurve gehört zu den wichtigsten Instrumenten bei der Analyse von Sie zeigt auf einen Blick, wie stark sich die Zinsen verschiedener unterscheiden und wie sich die aktuelle Marktsituation entwickelt hat. Wer die Zinskurve versteht, kann Hypotheken besser vergleichen, die passende Laufzeit wählen und fundiertere Entscheidungen treffen.
Hypothekarzinsen in der Schweiz
Hypothekarzinsen sind die Kosten für das geliehene Hypothekarkapital. Da sie gerade in der Schweiz je nach Anbieter, Modell, Laufzeit und Risikoprofil stark variieren können, ist ein transparenter Hypotheken-Vergleich in der Schweiz besonders wichtig.
The term of the mortgage refers to the period for which a mortgage is taken out under the agreed terms. Depending on the type of mortgage, the term can range from a few months to many years. The choice of term affects, among other things, the interest rate, planning security, and the flexibility of the financing.
Explanation
What is a mortgage yield curve?
The yield curve (also known as the interest rate curve) is a graphical representation of mortgage interest rates for various terms. It shows how high the interest rates are, for example, for a a two-year fixed-rate mortgage, a or a . The yield curve illustrates how much the interest rate rises or falls as the Term lengthens. It is therefore an important tool for choosing a mortgage strategy and the appropriate Term.
SARON Hypothek
Eine SARON-Hypothek ist eine geldmarktbasierte Hypothek mit variablem Zinssatz. Sie eignet sich vor allem für Kreditnehmer, die Zinsschwankungen tragen können und von transparenten, kurzfristigen Marktzinsen profitieren möchten. Mehr dazu auch hier: Festhypothek oder Saron-Hypothek?Saron-Hypothek abschliessen und später in Festhypothek wechseln?
Fünfjährige Festhypothek
Eine fünfjährige Festhypothek ist eine Hypothek mit einem festen Zinssatz über eine Laufzeit von fünf Jahren. Während dieser Zeit bleiben die Hypothekarzinsen unverändert, was eine hohe Planungssicherheit bei den Finanzierungskosten ermöglicht. Sie ist eines der beliebtesten Hypothekarmodelle in der Schweiz und der Mittelweg zwischen Sicherheit und Flexibilität. Mehr dazu auch hier: Festhypotheken mit besten Zinsen
Zehnjährige Festhypothek
Die zehnjährige Festhypothek gehört zu den beliebtesten Hypothekarmodellen in der Schweiz. Der Zinssatz wird für die gesamte Laufzeit von zehn Jahren fix vereinbart und bleibt unabhängig von der Entwicklung der Hypothekarzinsen unverändert. Dadurch profitieren Immobilienbesitzer von hoher Planungssicherheit und konstanten Finanzierungskosten.
Understanding Yield Curves
Interest rates on short-term Mortgages are generally lower than those on long-term Mortgages. However, the size of this difference changes constantly.
A is when long-term mortgages are significantly more expensive than short-term ones. A is when the differences between short- and long-term terms are small. In rare cases, long-term mortgages are even cheaper than short-term ones. This is referred to as an
Analyzing the yield curve helps provide a better understanding of the current market situation and assess the pros and cons of various Mortgage loan models.
A steep yield curve occurs when long-term mortgages have significantly higher interest rates than short-term mortgages. For example, a ten-year fixed-rate mortgage can be noticeably more expensive than a SARON mortgage or a short-term fixed-rate mortgage. A steep yield curve often indicates that financial markets expect higher interest rates or higher inflation in the future. For mortgage borrowers, a steep yield curve means that long-term interest rate security comes at a correspondingly higher cost.
Von einer flachen Zinskurve spricht man, wenn die Zinssätze von kurzfristigen und langfristigen Hypotheken nur wenig voneinander abweichen. Der Preisunterschied zwischen einer SARON-Hypothek, einer fünfjährigen Festhypothek oder einer zehnjährigen Festhypothek ist dann relativ gering. Eine flache Zinskurve deutet oft darauf hin, dass die Finanzmärkte künftig eher stabile oder leicht sinkende Zinsen erwarten.
Von einer inversen Zinskurve spricht man, wenn langfristige Hypotheken günstiger sind als kurzfristige Hypotheken. In diesem seltenen Fall kostet beispielsweise eine zehnjährige Festhypothek weniger als eine SARON-Hypothek oder eine kurzlaufende Festhypothek. Eine inverse Zinskurve entsteht meist dann, wenn die Finanzmärkte in Zukunft mit deutlich sinkenden Zinsen rechnen.
Daily interest rate curve
Updated hourly
Target audience
The yield curve is important for mortgage borrowers
Many homeowners focus exclusively on the current interest rate. However, the shape of the yield curve is often just as important.
Among other things, the yield curve shows:
- How expensive long-term interest rate security is right now
- Whether short or long terms seem more attractive
- How much prices differ across various Terms
- What the market expects regarding future interest rate trends
Those who understand the yield curve are better able to assess whether a short- or long-term fixed-rate mortgage currently seems attractive or whether a SARON mortgage might be a good option.
Frequently Asked Questions
Answers about the yield curve
The yield curve shows how much extra interest rate security costs. It helps assess whether short or long terms are currently more attractive. Those who understand the yield curve can more effectively and make more informed decisions.
Schweizer Hypotheken Zinsvergleich
Es lohnt sich, die Hypothekarzinsen in der Schweiz genau zu vergleichen. Einen guten Überblick gibt der grosse Zinsvergleich für Schweizer Hypothekaranbieter von HYPOTHEKE.ch. Der Zinsvergleich gehört zu den grössten der Schweiz und umfasst die tagesaktuellen Hypothekarzinsen von Banken, Pensionskassen, Versicherungen und Anlagestiftungen. Unsere besten Hypothekarzinsen finden Sie hier: Beste Hypothekarzinsen
No. The yield curve is not a forecast; rather, it reflects market participants’ current expectations. It provides insight into market sentiment but does not guarantee future trends in mortgage rates.
The yield curve is influenced by factors such as inflation, the SNB’s key interest rate, economic trends, capital markets, and the supply and demand for Mortgages. International interest rate trends also affect Swiss mortgage rates.
No. Banks, and calculate differently. That is why the providers’ yield curves sometimes differ significantly. The cheapest provider for a SARON Mortgage is often not the same as for a ten-year fixed-rate mortgage.
Versicherungsgesellschaften treten in der Schweiz zunehmend als Hypothekargeber auf. Je nach Laufzeit, Objekt und Risikoprofil können Versicherungen attraktive Hypothekarzinsen und alternative Finanzierungsmöglichkeiten bieten.
A mortgage from an investment foundation is a real estate financing product provided by an investment foundation. Investment foundations invest pension fund assets in mortgages, among other things, and often offer attractive mortgage rates as well as long-term financing solutions. Because they typically do not have their own sales teams, mortgages from investment foundations can often only be arranged through mortgage platforms. HYPOTHEKE.ch collaborates with several investment foundations and applies for some of them.
The yield curve shows which providers offer particularly attractive mortgage rates for specific terms. It allows for a quick comparison between banks, insurance companies, and pension funds, helping you find the best mortgage for your specific situation. As a result, mortgage borrowers in Switzerland can often save several thousand francs.
Beautiful Curves
The Different Shapes of the Yield Curve
Standard form
Rising yield curve
Sample data from December 15, 2013
Interpretation
Rising yield curve
In a normal yield curve, interest rates rise as the Term increases.
This is the most common form of the yield curve. Mortgage lenders charge an additional premium for longer terms to compensate for interest rate risk and the long-term commitment of capital.
A steepening yield curve may indicate that the market expects interest rates to rise in the long term.
Stable market conditions
Flat yield curve
Sample data from July 1, 2020
Interpretation
Flat yield curve
When the yield curve is flat, interest rates for different terms differ only slightly or not at all.
In such market phases, long-term fixed-rate mortgages are often particularly attractive because the added interest rate security comes at a relatively low cost. A flat yield curve is frequently observed when the market anticipates falling interest rates in the future.
Rare form
Inverted yield curve
Sample data from July 10, 2023
Interpretation
Inverted yield curve
In an inverted yield curve, long-term mortgages are cheaper than short-term ones.
An inverted yield curve is rare and is often seen as an indication that market participants expect interest rates to fall significantly in the future.
In Switzerland, for example, inverted yield curves were observed in the early 1990s and at times in the more recent past.
Variation
Types of providers
Sample data from July 10, 2025
Yield curves vary from provider to provider
One important point is often overlooked: Every mortgage lender has its own yield curve. Banks, insurance companies, Pension funds, and investment foundations use different calculation methods. That’s why the cheapest provider for a SARON mortgage might suddenly turn out to be significantly more expensive for a ten-year fixed-rate mortgage.
Anyone looking for the should therefore not only compare the terms but also always consider multiple providers.
Hypothek mit bestem Zins
Die Hypothek mit dem besten Zins ist nicht immer die erstbeste Offerte, sondern das Angebot mit tiefem Zinssatz, passenden Konditionen und transparenten Gebühren. Ein breiter Hypothekenanbieter-Zinsvergleich erhöht die Chancen auf Einsparungen. Für eine individuelle Berechnung von Angeboten können Sie Hypotheken-Marktplätze wie HYPOTHEKE.ch nutzen.
No forecasts
The yield curve reflects expectations
The yield curve is often used to draw conclusions about future trends in mortgage rates. However, it is important to note that the yield curve is not a forecast.
It merely shows what expectations market participants currently have.
The yield curve is influenced in particular by:
- Economic growth
- Capital markets
- Risk and liquidity premiums
- Supply and Demand for Mortgages
That is why banks, institutional investors, and professional investors are closely monitoring the development of the yield curve.
Inflation refers to the general rise in prices for goods and services. As a result, money loses purchasing power over time. Inflation is important for mortgage borrowers because it has a major impact on the SNB’s interest rate policy and, consequently, indirectly on mortgage rates. If inflation rises sharply, central banks often raise interest rates. If inflation falls, interest rate cuts become more likely.
Der Leitzins ist der wichtigste Zinssatz der Schweizerischen Nationalbank (SNB). Mit ihm steuert die SNB die Geldpolitik und beeinflusst die Zinsen am Schweizer Geldmarkt. Steigt der Leitzins, werden Kredite und Hypotheken tendenziell teurer. Sinkt der Leitzins, können sich die Finanzierungskosten reduzieren. Besonders bei SARON-Hypotheken besteht ein enger Zusammenhang zwischen dem SNB-Leitzins und den effektiven Hypothekarzinsen. Mehr dazu hier: SNB-Zinsentscheid und Hypotheken - abwarten oder abschliessen?
Each one is different
Calculate your personalized yield curve
Your personal mortgage interest rate—and thus your individual yield curve—depends on numerous factors. These include, among others:
- Property Type
- Region
- Asset
- Term
On HYPOTHEKE.ch, after entering your personal information, you can view your personalized Mortgage Yield Curve. This allows you to see exactly how much each term costs in your specific situation.
Die Belehnung zeigt, welcher Anteil des Immobilienwerts durch Hypotheken finanziert werden kann. Beispiel: Bei CHF 700’000 Hypothek und CHF 1'000’000 Verkehrswert beträgt die Belehnung 70 Prozent. Sie beeinflusst das persönliche Rating der Immobilienfinanzierung und somit den Zinssatz sowie z.B. die Tragbarkeit und Amortisation. Mehr dazu hier: Maximale Hypothek,erste und zweite Hypothek erklärt