ECB Hold Leaves Swiss Mortgage Desks in a Waiting Room

FRANKFURT - The European Central Bank left rates unchanged in mid-April, a decision Swiss mortgage desks had largely priced. The SNB's own rate sits at 0.25 percent after the March cut. Funding costs for banks that swap euro into francs barely moved.

Exporters care more about the exchange rate than about the ECB's adjectives. A stable hold in Frankfurt is less drama than a cut that would widen the gap again.

Two central banks, one invoice

Households refinancing a ten-year loan this spring are still paying more than they did in 2021, and less than they feared in 2023. That is the whole story in a monthly payment.