Swedish Household Lending Growth at Near 4-Year High

Swedish household lending growth edged up to 3.4% year-on-year in September 2026 from 3.3% in the prior month, marking its highest rate since December 2022. Housing loans, which accounted for 83% of household credit, grew 3.6%, while consumer loans, representing 6%, increased 1.6%. Meanwhile, lending to non-financial corporations expanded 4.0%. Borrowing costs were mixed. The average interest rate on new housing loan agreements rose to 2.83% from 2.78%, while the average floating mortgage rate edged down to 2.72% from 2.73%. For housing loans with maturities of over one to five years, the average fixed rate increased to 3.39% from 3.18% in August. The average fixed rate on new agreements with maturities of over three months to one year also climbed to 3.04% from 2.79%. Meanwhile, household deposits edged up to SEK 2,974 billion from SEK 2,970 billion, with demand deposits accounting for 74% of total savings, or SEK 2,200 billion.

The annual growth rate of lending to Swedish households held at 3.3% in August 2026, unchanged from July and remaining at its highest level since December 2022. Housing loans, which accounted for 83% of total household credit, grew 3.5%, while consumer loans, representing 6%, increased 1.4%. Meanwhile, lending to non-financial corporations expanded 3.9%. Borrowing costs remained broadly lower, with the average interest rate on new housing loan agreements steady at 2.78%, while the average floating mortgage rate edged down to 2.73% from 2.74%. The average fixed rate for new housing loans with maturities of one to five years rose to 3.18% from 3.15%, while rates for maturities above five years increased to 3.34% from 3.21%. Total household deposits edged up to SEK 2,970 billion from SEK 2,967 billion, with demand deposits accounting for 74% of savings at SEK 2,202 billion.

The annual growth rate of lending to Swedish households edged up to 3.3% in July 2026 from 3.2% in the previous month, marking its highest level since December 2022. Housing loans, which accounted for 83% of total household credit, expanded by 3.4%, while consumer loans, representing 6% of the total, grew by 1.3%. Meanwhile, credit extended to non-financial corporations also rose by 3.5%. Overall borrowing costs continued to ease across the board, with the average interest rate on new housing loan agreements declining to 2.78% from 2.80% in June and the average floating mortgage rate ticking lower to 2.74% from 2.75%. The average fixed rate on new housing loans with maturities between one and five years dropped to 3.15% from 3.21%, while those with maturities over five years fell to 3.21% from 3.30%. Total household deposits contracted to SEK 2,967 billion from SEK 2,983 billion in June, with demand deposits accounting for 74% of total savings at SEK 2,206 billion.