Mortgage Interest Rates by Country in 2026: The Full Table, and the Non-Resident Premium Nobody Quotes
Published on: September 9, 2026
Last reviewed: September 2026. Rate table from Global Property Guide's August 2026 update, refreshed quarterly; the LTV and non-resident columns are indicative practice, not offers. General information, not financial advice.
Quick answer:
- Lowest tracked rates in 2026: Switzerland around 1.5%, Malta and Singapore around 2%. Highest: Turkey above 40%, with Colombia, Mexico and Brazil above 11%, which reflects inflation and currency risk rather than a tougher lending market.
- Non-residents typically pay 0.5 to 1.5 percentage points over the national average where they can borrow at all, and the lower LTV cap costs far more than the rate does.
- Fixed and variable mean different things in different countries. A Danish rate is close to the whole cost of the loan; a Swedish one is a snapshot of year one.
- Borrow in the currency you earn in or the currency the asset is priced in. Anything else is a leveraged currency position with a house attached.
- The cheapest rate can hide the highest total cost once purchase taxes, holding taxes and ownership restrictions are counted. The table is refreshed quarterly; if you cite it, cite the date.
A mortgage rate is the cheapest way to compare two housing markets and the easiest way to compare them wrongly.
Switzerland lends at under 2% and Turkey at over 40%, and neither number tells you what a foreign buyer will actually be offered, because the published rate describes a domestic borrower buying a main home in local currency with local income. Change any one of those variables and the price changes with it.
This page carries the rate table, updated quarterly, and then the four adjustments you need to make before the table is useful to you.
Methodology
Rates in the table below are national averages for residential housing loans, compiled from central banks and national statistical offices via Global Property Guide's mortgage rate tracker, last updated August 2026. Where a country has a dominant fixed-rate term, the series follows the longest widely available fixed product; where variable lending dominates, it follows the standard variable rate.
The two columns to the right of the rates are our own market read, not part of the source series. They describe typical practice reported by brokers and lenders in each market for a non-resident foreign buyer, and they move around individual profiles far more than the rate column does. Treat them as a starting bracket for your own enquiries.
This page is refreshed every quarter. If you cite it, cite the date.
Mortgage rates by country, September 2026
Europe
| Country | Average rate | 12 months ago | Direction | Typical non-resident LTV cap |
|---|---|---|---|---|
| Switzerland | 1.52% | 1.51% | Flat | 50% to 66% |
| Malta | 1.95% | 1.84% | Slightly up | 60% to 70% |
| Bulgaria | 2.41% | 2.85% | Down | 50% to 60% |
| Spain | 2.89% | 2.68% | Up | 50% to 70% |
| Croatia | 2.90% | 2.93% | Flat | 50% to 60% |
| Portugal | 2.93% | 2.92% | Flat | 60% to 70% |
| Finland | 3.10% | 2.74% | Up | 60% to 70% |
| Slovenia | 3.15% | 2.86% | Up | 50% to 60% |
| France | 3.16% | 3.00% | Up | 70% to 80% |
| Greece | 3.23% | 3.59% | Down | 50% to 60% |
| Cyprus | 3.23% | 3.26% | Flat | 50% to 60% |
| Sweden | 3.29% | 3.22% | Flat | 60% to 70% |
| Ireland | 3.41% | 3.58% | Down | 50% to 70% |
| Denmark | 3.46% | 3.58% | Down | 60% to 80% |
| Italy | 3.49% | 3.19% | Up | 50% to 60% |
| Austria | 3.54% | 3.38% | Up | 60% to 70% |
| Netherlands | 3.73% | 3.59% | Up | Limited to non-residents |
| Germany | 3.95% | 3.68% | Up | 50% to 60% |
| Czech Republic | 4.65% | 4.60% | Flat | Rare for non-residents |
| United Kingdom | 5.18% | 4.51% | Up | 60% to 75% |
| Norway | 5.34% | 4.94% | Up | Rare for non-residents |
| Poland | 5.70% | 7.25% | Sharply down | Rare for non-residents |
| Romania | 6.13% | 5.86% | Up | Rare for non-residents |
| Hungary | 7.81% | 6.73% | Up | Rare for non-residents |
| Turkey | 40.34% | 43.47% | Down, still extreme | Effectively cash market |
Americas
| Country | Average rate | 12 months ago | Direction | Typical non-resident LTV cap |
|---|---|---|---|---|
| Canada | 3.80% | 4.43% | Down | 50% to 65% |
| United States | 6.43% | 6.82% | Down | 55% to 75% via foreign-national programmes |
| Panama | 6.50% | 6.25% | Up | 50% to 70% |
| Costa Rica | 7.90% | 7.61% | Up | 40% to 60% |
| Mexico | 11.33% | 11.65% | Down | Mostly cash for foreigners |
| Brazil | 11.22% | 10.49% | Up | Rare for non-residents |
| Colombia | 14.13% | 11.55% | Sharply up | Rare for non-residents |
Asia-Pacific and Middle East
| Country | Average rate | 12 months ago | Direction | Typical non-resident LTV cap |
|---|---|---|---|---|
| Singapore | 2.05% | 3.27% | Sharply down | 55% to 75% |
| Taiwan | 2.29% | 2.28% | Flat | 50% to 60% |
| China | 3.06% | 3.13% | Flat | Heavily restricted |
| Japan | 3.15% | 2.25% | Sharply up | 50% to 60%, residency usually required |
| Malaysia | 3.75% | 4.00% | Down | 60% to 70% |
| Hong Kong | 3.80% | 2.70% | Sharply up | 40% to 60% |
| South Korea | 4.31% | 4.17% | Up | Restricted |
| United Arab Emirates | 4.68% | 5.17% | Down | 50% to 65% |
| Thailand | 5.40% | 5.55% | Flat | Very limited, usually cash |
| Australia | 6.25% | 5.75% | Up | 60% to 70% with FIRB approval |
| India | 6.25% | 7.00% | Down | NRI lending available, others restricted |
| New Zealand | 6.15% | 6.79% | Down | Restricted |
| South Africa | 10.50% | 10.75% | Flat | 50% |
The four adjustments
1. Fixed and variable do not mean the same thing everywhere
A 3.5% rate in Denmark and a 3.5% rate in Sweden are different products. Danish borrowers routinely fix for 30 years through the callable bond system. Swedish borrowers typically fix for three months to five years and reprice constantly. The design of each national system is the subject of Mortgages Around the World: Fixed vs Variable.
Rough map of national norms:
| Predominantly long fixed | Predominantly short fixed | Predominantly variable or index-linked |
|---|---|---|
| United States, Denmark, France, Belgium, Germany, Netherlands, Japan (nominally) | United Kingdom, Ireland, Canada, Czech Republic, Italy | Sweden, Finland, Norway, Poland, Portugal, Greece, Australia, South Africa |
Spain sits in the middle and has moved decisively toward fixed and mixed products since 2023.
The practical consequence: in a variable-rate country, today's rate is a snapshot of your first year, not your decade. In a long-fixed country, it is closer to the whole cost.
2. The non-resident premium
Where a foreign buyer can borrow at all, the price is normally above the national average. Typical loading reported across European markets in 2026 runs from about 0.5 to 1.5 percentage points, with the wider end for non-EU applicants. Some of that is genuine credit risk pricing; some of it is simply that the buyer will not be moving a salary, a pension and a household's insurance business to the lender. Market-by-market practice is set out in our non-resident mortgage country guide.
The bigger cost is usually not the rate. It is the LTV. Moving from 80% to 55% on a 400,000 unit of currency purchase changes your cash requirement by 100,000. That dwarfs a one-point rate difference over any realistic holding period, and it gets worse when the lender's valuation comes in below the agreed price.
3. Nominal rates and real rates are different conversations
Turkey's 40% and Argentina's 30% do not mean borrowing is 15 times more expensive than in Spain. They mean the currency is losing value quickly and lenders are pricing for it. In high-inflation markets, the debt erodes in real terms while the payment schedule punishes you at the front end. Local buyers with local-currency income sometimes come out ahead. A foreigner earning dollars and repaying a lira loan holds the opposite exposure: a currency that falls makes the debt cheaper, and one that recovers makes it painful.
For a foreign buyer, the safe default is to borrow in the currency you earn in or the currency the asset is priced in, and to be honest that anything else is a leveraged currency position with a house attached. The failure mode is described in The Foreign-Currency Mortgage Trap.
4. The cheapest rate can hide the highest total cost
Switzerland's sub-2% rates come with amortisation rules, imputed rental income taxation, and the tightest foreign purchase restrictions in Western Europe under the Lex Koller regime. Japan's low rates are largely inaccessible without residency and often without permanent residency. Malta lends cheaply but the transaction and holding cost picture differs from the headline.
Round-trip costs, annual property tax, and the tax treatment of rental income vary far more between countries than mortgage rates do.
Worked comparison: same money, two markets
A buyer with 200,000 in cash, comparing a resale purchase in Spain and one in the United States:
| Line | Spain, non-EU non-resident | United States, foreign national |
|---|---|---|
| Indicative rate | 4.0% to 5.0% fixed | 7.0% to 8.5% on foreign-national programmes |
| Typical LTV | 60% | 65% |
| Purchase supported | Around 400,000 EUR after costs | Around 480,000 USD after costs |
| Round-trip purchase costs | Roughly 10% to 14% | Roughly 2% to 5% |
| Annual holding | IBI plus non-resident imputed income filing | State and local property tax, often 1% to 2.5% of value |
The Spanish loan is cheaper and the American one is bigger. Which wins depends almost entirely on holding period and local property tax, not on the rate. The two sides of that comparison are covered in detail in Mortgage in Spain for Non-Residents and Foreign-National, DSCR and ITIN Loans on US Property.
Frequently asked questions
Which country has the lowest mortgage rates?
Among tracked markets in 2026, Switzerland is the lowest at around 1.5%, followed by Malta at roughly 2%. Singapore is the lowest in Asia at close to 2%.
Which country has the highest mortgage rates?
Turkey, above 40%, followed by Argentina and Colombia. In each case the rate reflects inflation and currency risk rather than a uniquely tough lending market.
Why is the US rate so much higher than Europe?
The US standard product is a 30-year fixed loan that the borrower may prepay at any time without penalty. Lenders price that optionality into the rate. European fixed loans generally carry prepayment compensation, so they can be quoted lower.
Can I get a mortgage abroad as a non-resident?
In much of Western Europe, the Gulf and parts of Latin America, yes, at lower LTV and slightly higher pricing. In much of Asia and Eastern Europe, foreign buyers are effectively cash buyers.
How often does this page change?
The underlying rate series is quarterly. We refresh this page each quarter and date every figure.
Keep reading on JanusHermes
Use the table to shortlist and the four adjustments to decide. The rate is the one number in a cross-border purchase that is easy to find and the one that matters least once LTV, currency and holding costs are on the same page.
Related reading: Expat Mortgages, Cash vs Mortgage When Buying Abroad, Early Repayment Charges on Foreign Mortgages, Transferring Money Abroad to Buy Property, The Hidden Costs of Owning Property Abroad and Foreign Property Ownership Restrictions by Country.
Rate data: Global Property Guide mortgage rate tracker (August 2026 update), compiled from central banks and national statistical offices. LTV and non-resident practice columns: JanusHermes market research from lender and broker sources, September 2026. Rates move continuously and individual offers vary widely by profile, property and lender. This article is general information, not financial advice or an offer of credit. Verify current terms directly with a licensed lender or broker in the relevant country.
