Two more Norwegian banks raise mortgage rates following central bank hike
SpareBank 1 SMN and DNB announced increases of up to 0.25 percentage points on mortgage and deposit rates after Norges Bank lifted its policy rate.
After Norges Bank raised its policy rate, SpareBank 1 SMN confirmed it will increase both loan and deposit rates by up to 0.25 percentage points, with the change taking effect on 30 November for all customers. DNB followed shortly, raising mortgage and deposit rates by the same margin, applying the new rates to fresh mortgages and deposits from 29 September and to existing accounts from 29 November. These adjustments join those announced by SpareBank 1 Sør-Norge, Nordea, SpareBank 1 Ringerike Hadeland, Handelsbanken and SpareBank 1 Østfold Akershus, making a total of seven banks that have communicated higher mortgage rates since the central bank’s decision.
The central bank justified its move by citing persistent inflation pressures and indicated that rates may stay elevated for some time. Ida Wolden Bache, the governor of Norges Bank, said the committee is ready to raise rates further if needed.
Why it matters
Higher mortgage rates affect borrowing costs for households and signal tighter monetary conditions in Norway.
How the sides frame it
HIGH AGREEMENTBoth camps report that Norwegian banks are raising mortgage and deposit rates after the central bank’s hike, but the centrist coverage zeroes in on DNB’s specific timing and notification rules, while the right-leaning coverage highlights the wider set of banks adjusting rates and the central bank’s inflation rationale.
CENTER
Centrist coverage frames the story around DNB’s rate increase, noting the exact dates for new and existing loans and the regulatory requirement to notify customers two months in advance.
RIGHT
Right-leaning coverage frames the story as a broader banking sector response, listing several banks that raised rates and citing the central bank’s justification of persistent inflation pressures.
The right emphasises
- Seven banks have announced higher mortgage rates since the central bank’s decision
- SpareBank 1 SMN also raises loan and deposit rates by up to 0.25 percentage points
- The central bank cites persistent inflation pressures and expects rates to stay elevated
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