Swedish policy rate unchanged at 1.75% in September 2026: what one percentage point means in kronor

The facts were checked on 2026-10-03 against the sources listed at the end.

The Riksbank’s Executive Board decided at the monetary policy meeting on 23 September 2026 to leave the policy rate (styrräntan) unchanged at 1.75%. The decision was announced on 24 September 2026.

This text makes no forecast. It only shows what one percentage point means in kronor, so that you can calculate your own margin.

The policy rate is not your mortgage rate

The policy rate is the Riksbank’s interest rate. Your mortgage rate is set by your bank and is stated in your loan terms. The worked example below is therefore based on a change in the mortgage rate, not in the policy rate.

Worked example: a SEK 3 million loan

One percentage point on SEK 3,000,000 is SEK 30,000 per year. Divided by twelve months, that is SEK 2,500 per month.

Change in interest rate	Per year	Per month before the interest tax deduction	Per month after a 30% tax reduction
+1 percentage point	SEK 30,000	SEK 2,500	SEK 1,750
+2 percentage points	SEK 60,000	SEK 5,000	SEK 3,500

The same arithmetic applies in the other direction: one percentage point lower interest is SEK 2,500 less per month before the interest tax deduction.

The rightmost column uses a 30% tax reduction on the full amount. According to the Swedish Tax Agency (Skatteverket), the tax reduction is 30% on the part of a capital deficit that is up to SEK 100,000 and 21% on the part above SEK 100,000. The table is therefore right when the increase falls within the first part. If the whole increase falls above SEK 100,000, one percentage point is SEK 1,975 per month instead of SEK 1,750, and two percentage points are SEK 3,950 instead of SEK 3,500. An example: SEK 3,000,000 at 4% interest is SEK 120,000 in interest per year. Someone who has that loan alone and no capital income already has a deficit above SEK 100,000. The amounts after the tax reduction also assume that the tax is high enough to use the whole reduction; someone whose tax is too low only gets the part there is room for.

Amortisation is not affected by the interest rate and is not part of the example.

Run it on your own numbers

The example uses a round amount. Your own figure depends on the size of the loan, how the loan is fixed and the rest of your finances. In the guide to interest rate sensitivity we go through how to stress-test your housing cost step by step. In BoKalk you can run the interest rate stress test on your own calculation and see the monthly cost at the interest rate levels you choose yourself.

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Sources

Checked on 2026-10-03 (in Swedish):

• Penningpolitiskt beslut september 2026, the Riksbank, the press release “Styrräntan oförändrad på 1,75 procent” of 24 September 2026 in the Riksbank’s press release feed and Protokoll från det penningpolitiska mötet den 23 september 2026: the level of the policy rate and the dates of the meeting and the announcement.
• Avdrag för ränteutgifter, Skatteverket: the tax reduction of 30% and 21%.

The worked example is our own calculation.

Christoffer, founder BoKalk