Norwegian banks raise interest rates following Norges Bank hike

Following Norges Bank's decision to raise the policy rate from 4.25 to 4.50 percent, several Norwegian financial institutions have announced interest rate increases for their customers.

Sbanken has announced increases for both mortgage loans and savings accounts. Mortgage rates for loans with 50 percent loan-to-value ratios will rise by 0.22 percentage points, while other mortgage rates will increase by 0.25 percentage points. Savings account rates will also rise by 0.20 percentage points. These changes are scheduled to take effect for existing loans on December 1.

Additionally, Sparebank1 Nord-Norge (SNN) has notified customers of an increase of up to 0.25 percentage points. For new loans, the new rates will apply from September 30, while existing loans will see the adjustment starting November 29.