Nationalbanken (Denmark’s central bank) raised its rates by 0,25 percentage points on 10 September 2026. From 11 September, the current-account rate is 2,10 per cent p.a. and the lending rate 2,25 per cent p.a. How high mortgage rates are for you depends on when you took out your loan. The interest rate on private customers’ new mortgage loans, excluding contribution fees (bidrag), rose by 0,11 percentage points in March 2026 to an average of 3,11 per cent. Variable-rate loans in particular became more expensive, rising by 0,35 percentage points, and they made up 72 per cent of private customers’ new mortgage loans in March 2026. If you have an older loan, you will notice little for now. The average rate on private customers’ total mortgage debt rose marginally, by 0,02 percentage points to 2,60 per cent, and existing loans are only affected when they are refinanced or remortgaged.
Why your mortgage rate follows Nationalbanken’s rate and the ECB
Denmark’s fixed exchange rate policy means that Nationalbanken generally follows the ECB’s interest rate decisions. When the ECB raises its monetary policy rates, Nationalbanken does the same to keep the krone stable against the euro.
In June 2026, Nationalbanken raised its lending rate to 2,00 per cent, its first increase in about three years, following the ECB’s rate rise of 0,25 percentage points on the same day. With the increases in June and September 2026, the ECB has raised its key rate, the deposit facility rate, from 2,0 per cent to 2,5 per cent in total. Market participants expect two further increases in 2026 and two in 2027. Each of those increases may eventually feed through to the mortgage rates you are offered, especially if you have a variable-rate loan.
Nationalbanken normally follows the ECB, but the krone has gradually weakened against the euro. That is why Nationalbanken made small interventions in the currency market in both June and August 2026. According to Totalkredit’s chief analyst Sune Malthe-Thagaard, Nationalbanken may need to raise its rate slightly more than the ECB, or buy kroner to support the currency, if the krone stays weak.
Nationalbanken’s rate does not always follow the ECB’s rate one for one. If Nationalbanken tightens more than the ECB to defend the krone, your loan rates may rise a little faster than international rate movements alone would suggest.
Mortgage rate forecasts for 2026: what do the lenders expect?
The lenders read the same rate movements quite differently, so there is no single forecast for mortgage rates in 2026. Here is what each of them expected.
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In February 2026, Nykredit expected a CITA3 rate of about 1,7 per cent and a fixed 30-year rate of around 4,1 per cent, with a horizon to March 2027.
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In May 2026, Nordea expected short-term rates to rise towards the end of 2026, and the effective fixed 30-year rate to reach about 4,4 per cent by the end of 2026 and 4,5 per cent by the end of 2027.
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In May 2026, Realkredit Danmark expected FlexLån F1 at 2,0-2,6 per cent and FlexLån F5 at 2,4-3,0 per cent, with a 12-month horizon.
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Sparekassen Kronjylland was the most optimistic, expecting the fixed 30-year rate to fall from 4,1 per cent to 3,4 per cent over 12 months. That is a difference of 0,7 percentage points from Nykredit’s status quo expectation.
So expectations for the fixed 30-year rate range from 3,4 per cent to 4,5 per cent, and they were made at different times and with different time horizons. When you plan your loan, it is therefore worth noting which lender’s forecast you are using.
Refinancing F1, F3 and F5 adjustable-rate home loans
F1, F3 and F5 adjustable-rate loans have their interest rate set at an auction. At Nordea Kredit, the rate for loans that got a new rate on 1 October 2026 was set at an auction in August 2026. The next auction is in November 2026 and covers loans that get a new rate on 1 January 2027.
In its forecast of 1 June 2026, Nordea Kredit expected the following rates, all stated net of the price deduction (kursfradrag):
| Loan type | Rate before 1 October 2026 | Expected rate from 1 October 2026 |
|---|---|---|
| F1 | 2,17 per cent | 2,9 per cent |
| F3 | 3,66 per cent | 2,9 per cent |
| F5 | -0,10 per cent | 3,0 per cent |
The auction resulted in an F1 rate of 3,1 per cent, an F3 rate of 3,0 per cent and an F5 rate of 3,2 per cent (Nordea Kredit, 26 August 2026). For an F1 loan of 1 million kr. with repayments, the monthly payment after tax rose to about 4.070 kr., compared with 3.850 kr. before. An F5 loan of 1 million kr. with repayments rose to about 4.360 kr., compared with 3.740 kr., because the rate had to go up from -0,1 per cent, where it was set five years ago.
If you want to change anything before a refinancing, you must tell your lender well before the auction. At Nordea, the deadline for switching loan type or locking in the rate before the refinancing on 1 January 2027 is 30 October 2026.
If you do nothing, the loan is refinanced automatically. You continue on the same loan type at the new rate.
Fixed rate for 30 years and the Nordea BoligPuls alternative
A 30-year fixed-rate loan gives you peace of mind for the whole term of the loan, but the price of that peace of mind depends on when you take it out. Nordea’s forecast from January 2026 pointed upwards towards 2028, and in May 2026 Nordea raised its expectation slightly further.
| Loan type | Effective rate 1 January 2026 | Effective rate 1 January 2028 (expected) |
|---|---|---|
| 30-year fixed-rate loan at 4 per cent with repayments | 4,1 per cent (price 99,9) | 4,3 per cent (price 97,5) |
| 30-year loan at 3,5 per cent with repayments | 3,9 per cent (price 96,0) | 4,2 per cent (price 93,2) |
The bond price matters just as much as the interest rate. Both loans fall in price towards 2028, and it is that movement that pushes up the effective rate you actually pay.
If you do not want to tie yourself to a mortgage loan for 30 years, Nordea has an alternative in Nordea BoligPuls. It is a bank loan for your home. The interest rate is variable as standard and is adjusted every three months, but you can lock part of the rate for 1, 3, 5 or 10 years in return for a fixed surcharge if you would rather have more security for a period.
Advice for home buyers and homeowners on remortgaging
Refinancing is an obvious time to consider whether the loan still suits your finances. Perhaps a different loan type or a different repayment profile is more advantageous now than it was when you took out the loan. What you actually pay depends on the interest rate, on how long you commit yourself for and on how much you repay along the way. So have an unhurried talk with your lender before the deadline passes, and look at what remortgaging would actually mean for your monthly payment.
Most banks expect short-term rates to peak in 2026-2027 and then fall gradually.
For you as a home buyer, this means that 2026 will probably be a year of more stable rates than 2023-2024, which makes budgeting easier. You should still count on a rate of 3-4 per cent as the new normal, though, so build a buffer into your budget rather than counting on rates for home buyers falling back to the old levels.
If you are buying a home or remortgaging, Brikk can put you in touch with a lender. Read more about Brikk’s free home loan service.
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