Norway's policy rate up to 4.5%: what the September 2026 rise costs you per month

How much more will my mortgage cost?

0.25 percentage points costs 2,500 kroner a year per million you owe. That is 208 kroner a month before the interest deduction and 163 kroner after. On 2,000,000 kroner it is 417 and 325 kroner, on 3,000,000 kroner it is 625 and 488. Work from the whole balance, not from the payment you make today.

The sum is small enough to do in your head. Take the outstanding balance, multiply by 0.0025, and divide by twelve. That number decides whether the news matters to you, and it is worth working out yourself rather than hunting for it in a newspaper.

The third column is the interest deduction. The tax rate on general income is 22.0% in 2026, and the same rate is applied to deductions, so an interest cost ends up costing you 78% of itself.^[6] In the Troms and Finnmark action zone the rate is 18.5%, and the deduction is worth correspondingly less.^[6]

The fourth column is lower than the second, which surprises people. When the rate changes, the agreed term of an annuity loan is kept unless something else is agreed.^[5] The payment is recalculated over the term you already have. On 3,000,000 kroner with 25 years left, the first month's interest goes from 13,000 to 13,625 kroner while the payment goes from 17,889 to 18,333. The missing 181 kroner is principal you no longer repay. The cost is real, but part of it arrives as slower repayment rather than as a bigger debit.

When does the amount leaving my account change?

Not straight away. Your bank sets its own rate and has to tell you in writing first. A change of terms to your disadvantage cannot take effect until two months after that notice. The largest banks picked dates from 26 November to 2 December. If your bank waits until October, you are into December.

The deadline is in the Norwegian Financial Contracts Act, section 3-13 second paragraph: a change of terms to the customer's disadvantage may take effect at the earliest two months after the customer has been told about the proposal. The third paragraph requires a proposal to change interest, fees or other costs to come with reasons.^[4] If you find "six weeks" in older guidance, that was the deadline in the 1999 Act. It was replaced on 1 January 2023, and two months is the rule now.

Which banks have raised their rates, and from when?

The largest banks have all announced, at around 0.25 percentage points on loans and deposits. On loans you already have the new rate applies from 26 November at Nordea, 29 November at DNB, SpareBank 1 Sør-Norge and SpareBank 1 Nord-Norge, 30 November at SpareBank 1 SMN and 2 December at Sparebanken Norge.

The spread from 26 November to 2 December shows the floor in practice. Nordea sent its notice on 26 September and set the new rate exactly two months later.^[8] SpareBank 1 Sør-Norge sent its notice on 25 September and left itself four days of margin.^[7] DNB and Sparebanken Norge both sent notices on 28 September, and picked 29 November and 2 December.^[9][12] Six banks acting within four days land on four different dates, because the law sets a minimum rather than a fixed date.

Nordea gives 26 November for new and existing loans alike, while DNB gave new mortgages the new rate on 29 September.^[8][9] A new rate on new loans normally applies at once, because the two-month deadline protects you if you already have an agreement and not someone about to sign one. If you are borrowing now, ask which rate applies on the day the money is paid out.

Deposit rates followed loan rates at every bank in the table, up to 0.25 percentage points higher.^[7][8][9] DNB raises the rate on deposits you already hold on 29 November, the same day as its loan rate.^[9] A higher deposit rate is to your advantage, so the two-month deadline does not force the bank to wait, and DNB waits anyway. There is no window in which your savings rise before your loan does. The ceiling does not reach every account automatically, so check what your buffer account actually gets.

The banks say everyone affected is told in online or mobile banking, or by letter in the post.^[7][8][9] If your bank is not in the table, it still has the deadline ahead of it, and a notice arriving in October moves the date into December.

Will my bank raise my rate by exactly 0.25?

That is your bank's decision. The policy rate is what banks earn on their deposits at Norges Bank, not the rate on your loan, so 0.25 percentage points on the policy rate is not a promise of 0.25 on your mortgage. The number that applies to you is in the notice from your bank, together with the reasons for it.

Every bank in the table says "up to 0.25 percentage points", except Sparebanken Norge, which says 0.25 percentage points on average on mortgages.^{[7][8][9][12]} "Up to" is a ceiling, not a promise, and "on average" means some customers get more and some less. The number in your own notice is the only one that counts.

Norges Bank itself assumes that more than this single step feeds through over the next year. In Monetary Policy Report 3/2026 the bank projects the residential mortgage rate rising from 5.2% in 2026 Q3 to 5.6% towards the end of 2027, before falling gradually.^[3] That figure is the average rate on outstanding repayment loans secured on dwellings in Statistics Norway's monthly interest rate statistics, so it is a market average rather than an offer to you.

Further out the projection turns down again. Norges Bank expects an average residential mortgage rate just below 5% in 2029.^[3] That is a forecast, not a promise, but it is a useful frame: plan for the rate staying near where it is for a while, not for it falling in the spring.

What does Norges Bank say about what comes next?

The Committee writes that it will likely be necessary to keep the policy rate elevated for a time, and that it is prepared to raise the rate further if warranted by the inflation outlook. In the forecasts the policy rate stays close to the current level for a period ahead before declining somewhat.

The rate path in the report is consistent with the rate increasing at this meeting and then remaining at 4.5% for a time. The forecast falls gradually from the end of next year to just below 3.5% towards the end of the projection period. On that path, inflation is projected to come down to the 2% target in 2029.^[3]

The reason for the rise is inflation, not the housing market. The Committee points to inflation having been above target for several years, and to the rapid rise in business costs that will likely keep it elevated. In August, twelve-month CPI inflation was 3.3%, while the CPI-ATE, which excludes energy products and adjusts for tax changes, was 3.0%.^[3] The Committee also flags that the rate may end up lower than the path shows if the summer's inflation figures turn out to be the start of faster disinflation.^[1]

What should I do when the notice arrives?

Read the rate and the date, convert it into kroner on your own balance, and use the two months for something. The deadline is not just waiting time. It is the window in which you can ask for a better rate, get an offer from another bank, or decide where the money comes from in your budget.

1. Find the new rate and the date it applies from. Both belong in the notice. If there is no date, there is no deadline you can plan against, and that is worth a phone call.
2. Read the reasons. A proposal to change interest, fees or other costs has to be justified, and the justification tells you something about how much room there is to negotiate.
3. Work the amount out on your own balance. Balance times 0.0025, divided by twelve. Do it for 1.00 percentage points too, so you know the range and not only the next step.
4. Ask for a better rate, and get a second offer. Compare mortgage rates on Finansportalen before you call, so you know what you are asking for. The notice is the natural moment, because you have two months.
5. If you need a lower payment rather than a lower rate, the term of an annuity loan can be extended by agreement when the rate goes up. As a consumer you can only make that agreement after you have received the notice. It makes the loan more expensive overall, but it is a real option.
6. Decide where the money comes from. Either the emergency fund absorbs it for a few months, or one named category in the budget shrinks by exactly that amount. What a rate change costs you is the guide to rebuilding the budget after a rate change, in either direction.
7. Check your savings rate at the same time. The banks raised deposit rates alongside loan rates, but the account your buffer sits in often pays less than the one next to it in the same bank.

How Penge helps

The hard step is the second to last one: knowing which category can take 488 kroner less. Penge pulls your transactions from more than 2300 banks and categorises them automatically when it is confident, so you can see where a whole year actually goes instead of guessing. Give interest and fees their own category and set a budget on it, and the next rate change becomes a line that has moved rather than a feeling that things are tighter. The app runs on iPhone, the bank connection is read-only, and your bank credentials are never stored.

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