Sweden's central bank cut the key interest rate by 0.25 percentage points, the first time in eight years. This move led major banks like Nordea, Swedbank, Handelsbanken, and SEB to lower their variable rate mortgage rates by the same amount.
While mortgage rates were reduced, savings account interest rates were cut by 0.20 percentage points at Swedbank. Handelsbanken and Lansforsakringar matched Swedbank's new list rate of 5.69 percent for new mortgages.
State-owned SBAB did not immediately change its rate following the central bank's announcement but mentioned having reduced rates by approximately 30 percentage points since December. It highlighted the importance of observing market dynamics and competitor reactions.
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