Fixed or variable mortgage interest rate in Poland 2026 – NBP data, WIBOR, repayments
Author: Tacjana MasiukiewiczMortgages~13 min read
Fixed or variable interest rate in 2026? In July 2026 new home loans with a fixed rate were, according to the NBP (the National Bank of Poland), on average about 0.4 percentage points more expensive than loans with a variable rate (6.10% versus 5.69%). So you pay a small "premium" for peace of mind for 5–10 years. In this article we explain how a periodically fixed rate works, what happens after 5 years, and calculate the instalment on a 600 thousand zł loan in both variants – today and if rates change by 1 and 2 percentage points.
Key facts
- In Poland a "fixed" rate is usually a periodically fixed rate. Recommendation S of the KNF (the Polish Financial Supervision Authority) requires the fixed-rate period to last at least 5 years.
- Average interest on new home loans in July 2026 (NBP): variable rate – 5.69%, fixed rate for over a year – 6.10%.
- WIBOR 3M was 3.86% and WIBOR 6M 3.90% (fixing of 25 September 2026, GPW Benchmark). The NBP reference rate has been 3.75% since 5 March 2026.
- After the fixed-rate period the bank agrees a new rate with you. For setting the new rate itself the bank may not charge a fee (art. 29 sec. 4 of the Mortgage Loan Act).
- On a 600 thousand zł loan over 30 years the difference in the instalment is today about 150 zł a month in favour of the variable rate. However, a rise in rates of 2 percentage points would raise the variable instalment by about 800 zł.
How does a periodically fixed rate for 5 years work?
With a variable rate the interest is the sum of two elements: the reference rate (today most often WIBOR 3M or 6M) and the bank's margin, which stays fixed for the whole term of the loan. The reference rate is usually updated every 3 or 6 months, depending on the contract, and the instalment changes with it. The Mortgage Loan Act requires that, for a variable rate, the contract specify how the interest is set as the reference rate plus the margin (art. 29 sec. 2).
With a periodically fixed rate the bank sets one interest rate for a predetermined period – most often 5 years, sometimes longer. During that time the principal-and-interest instalment does not change, regardless of decisions of the Monetary Policy Council (RPP) and the level of WIBOR. Recommendation S defines such a loan as one in which the rate is fixed for part of the loan term and then set for the next period at a new level or replaced with a variable rate. The minimum fixed-rate period is 5 years, and the KNF recommends that banks lengthen it (recommendation 1.11).
Every bank granting mortgage loans should have loans with a fixed or periodically fixed rate in its offer (recommendation 1.9). According to AMRON data quoted by the NBP, loans with a fixed rate made up about 64.1% of new contracts in Q1 2026. That is less than a year earlier (a fall of about 16 percentage points), but still the majority.
Fixed and variable rates in 2026 – NBP and WIBOR data
The NBP publishes the average interest on new home loans in zloty, broken down by the period for which the rate is fixed. The latest available data are for July 2026 (new and renegotiated contracts):
| Home loans in PLN | May 2026 | June 2026 | July 2026 |
|---|---|---|---|
| Variable rate (and fixed up to 3 months) | 5.69% | 5.73% | 5.69% |
| Fixed rate for over 1 year | 6.06% | 6.13% | 6.10% |
| Total | 5.97% | 6.02% | 6.00% |
| Difference: fixed minus variable | 0.37 pp | 0.40 pp | 0.41 pp |
The variable rate depends today on WIBOR, which on 25 September 2026 stood at 3.86% for 3M and 3.90% for 6M. If you add a margin of about 1.8–1.9 percentage points to WIBOR 3M, you get interest of about 5.7%, close to the NBP average. The market is also working on replacing WIBOR with a new benchmark – GPW Benchmark already publishes the POLSTR index (3.593% on 24 September 2026). What the reform means for contracts is described in the article WIBOR, WIRON and POLSTR – what they are and how they affect your instalment (in Polish).
Instalment on a 600 thousand zł loan: fixed or variable – scenarios
A loan of 600 thousand zł is about 80% of the price of a flat costing 750 thousand zł, which is roughly the median price of a 2-room flat in our Warsaw offer (755,824 zł) and the median of all flats in our Wrocław offer (759,682 zł), according to data from the TM Invest offer as of 27 September 2026. Assumptions: a 30-year term, equal instalments, a periodically fixed rate of 6.10% for 5 years (the NBP average for July 2026) and a variable rate of 5.71% (WIBOR 3M 3.86% + an assumed margin of 1.85 percentage points).
| Scenario for the variable rate | Interest rate | Variable instalment | Fixed instalment (5 years) | Monthly difference |
|---|---|---|---|---|
| Rates fall by 2 pp | 3.71% | approx. 2,765 | approx. 3,636 | fixed is about 870 more expensive |
| Rates fall by 1 pp | 4.71% | approx. 3,115 | approx. 3,636 | fixed is about 520 more expensive |
| No change (today) | 5.71% | approx. 3,486 | approx. 3,636 | fixed is about 150 more expensive |
| Rates rise by 1 pp | 6.71% | approx. 3,876 | approx. 3,636 | fixed is about 240 cheaper |
| Rates rise by 2 pp | 7.71% | approx. 4,282 | approx. 3,636 | fixed is about 646 cheaper |
How to read this? Over 5 years the fixed rate costs you about 9 thousand zł more (150 zł × 60 instalments) if WIBOR does not change. Our calculation shows that both variants cost the same when the variable rate is on average about 0.4 percentage points higher than today over the 5 years. So a single rate rise of 0.5 percentage points at the beginning of the period is enough for the fixed rate to come out cheaper. On the other hand, if rates fall by 1 percentage point, the advantage of the variable rate grows to about 31 thousand zł over 5 years. Other amounts and repayment periods can be found in the tables of instalments for 500–800 thousand zł loans (in Polish).
Want to compare real offers instead of averages? Book a consultation with a mortgage expert – we will compare offers from several banks with a fixed and a variable rate for your amount and repayment period.
What happens after 5 years of a fixed rate?
For loans with a rate fixed for at least 5 years the Mortgage Loan Act provides several safeguards for the borrower:
- The contract must set out the rules for "what comes next" in advance. This covers how the new rate is determined (reference rate plus margin) and what happens if you and the bank do not reach an agreement (art. 29 sec. 3). In practice, no agreement usually means moving to a variable rate under the formula in the contract.
- No fees for setting the new rate. The bank may not charge for setting the rate for the next period or for the contract change that goes with it (art. 29 sec. 4).
- The rest of the contract stays the same. The other terms of the loan remain unchanged (art. 29 sec. 5).
- An additional APR before you sign. In the information form the bank must state an additional, illustrative APR calculated only for the initial fixed-rate period (art. 20 sec. 7).
The new rate after 5 years depends on the market at that moment. In our example, after 60 instalments about 559 thousand zł remains to be repaid. At a new interest rate of 6.1% the instalment would stay at about 3,636 zł. At 4.1% it would fall to about 2,982 zł, and at 8.1% it would rise to about 4,352 zł. So a fixed rate does not remove the risk for good, it only moves it back by 5 years. If the bank's proposal is weak, you can move the loan to another bank. When that pays off is covered in the article on refinancing a mortgage (in Polish).
A fixed rate, borrowing capacity and overpayments
Borrowing capacity. Recommendation S requires banks to calculate capacity with an interest rate buffer. For a variable rate it is currently 2.5 percentage points (formula: 5 percentage points minus the NBP reference rate, but not less than 2.5 percentage points). For a periodically fixed rate the buffer depends on the length of the fixed period. For a 30-year loan with a rate fixed for 5 years it is also 2.5 percentage points, and for 10 years – 2.0 percentage points. Conclusion: a 5-year fixed rate does not improve capacity. With a higher starting interest rate it can even lower it slightly – in our example the "test" instalment (over 25 years) is about 4,872 zł with a fixed rate against about 4,715 zł with a variable one. You will find the details of the calculations in the article Borrowing capacity 2026.
Overpayment. You can repay the loan early at any time, and the cost of the loan is then reduced by the interest for the shortened period (art. 38 and 39). The difference concerns the compensation to the bank. With a variable rate the bank can charge it only within the first 36 months, at most 3% of the amount repaid and no more than one year's interest on it (art. 40 sec. 2–3). With a fixed rate the bank can charge compensation for the whole period the rate applies (art. 40 sec. 6). It is limited to the bank's costs directly related to the early repayment (art. 40 sec. 7). If you plan large overpayments in the first years, check this clause in the contract before signing.
When a fixed rate and when a variable rate – a table
| Your situation | What usually makes more sense | Why |
|---|---|---|
| The instalment takes a large part of your income, a small financial cushion | Fixed | An instalment rise of a few hundred zloty could upset your budget |
| The first years after the purchase: finishing, furniture, a child planned | Fixed | A predictable budget in the period of the biggest expenses |
| You plan large overpayments within 1–3 years | Variable | Compensation only for 36 months and capped at 3% |
| You plan to sell the flat within a few years | Variable or a short fixed period | A lower cost of early repayment |
| You have high savings and can bear a higher instalment | Variable | The instalment is lower today, and any fall in rates lowers it straight away |
| One income in the household | Fixed | No second source to absorb a rise in the instalment |
A fixed rate – pros and cons in short. Advantages: a predictable instalment for 5–10 years, protection against rate rises, a calmer budget. Disadvantages: a higher instalment at the start today, no benefit from falling rates during the fixed period, possible compensation on early repayment and uncertainty about the rate once the period ends. In practice a fixed rate is insurance against rising instalments. It makes sense if a rise in the instalment of 600–800 zł would be a real problem for you.
Switching the interest rate from variable to fixed
Do you already have a loan with a variable rate? Recommendation S (rec. 1.13) expects the bank to allow a change from a variable to a fixed or periodically fixed rate, including in contracts signed earlier. This is usually done by an annex to the contract, at the borrower's request. The bank then offers a fixed rate that is current on the day of the change, not the one from the day the contract was signed. The second route is refinancing at another bank, where you choose a fixed rate straight away. Compare the instalment after the annex with the costs of changing banks.
Frequently asked questions
Fixed or variable interest rate – which is better in 2026?
There is no single answer. In July 2026 the fixed rate was on average about 0.4 percentage points more expensive than the variable one (NBP). On a 600 thousand zł loan over 30 years that is about 150 zł a month. If a predictable instalment matters more to you, choose a fixed rate. If you have a financial reserve and are counting on falling rates – a variable one.
What happens after 5 years of a fixed interest rate?
The bank proposes a new rate for the next period – fixed or variable, according to the rules written in the contract. If you do not reach an agreement, the mechanism from the contract applies, most often a variable rate (reference rate plus margin). The bank may not charge a fee for setting the new rate, and the other terms of the contract do not change.
Can I switch from a variable to a fixed rate?
Yes. According to Recommendation S the bank should allow such a change, including in older contracts. You submit a request, and the bank proposes the current fixed rate and an annex to the contract. The alternative is refinancing the loan at another bank.
Can I overpay a loan with a fixed rate?
Yes, you always have the right to repay early. During the fixed-rate period, however, the bank may charge compensation, limited to its costs directly related to the early repayment. Check in the contract how it is calculated and whether the bank allows overpayments up to a certain amount without it.
For how many years can a mortgage have a fixed interest rate?
The minimum is 5 years – that is how Recommendation S defines a periodically fixed rate. Banks also offer longer periods, and the KNF encourages lengthening them. A longer period (e.g. 10 years) also means a lower buffer when calculating capacity: 2.0 instead of 2.5 percentage points for a 30-year loan.
Summary
In 2026 a fixed rate costs only a little more than a variable one: on average about 0.4 percentage points, which is about 150 zł a month on a 600 thousand zł loan. In return you get 5 years without surprises. A variable rate is cheaper at the start and will immediately benefit from any rate cuts, but 2 percentage points up means an instalment about 800 zł higher. Before you choose, check how the contract regulates the period after the fixed rate ends and early repayment. The whole process from application to the payout of instalments is described in the guide A mortgage in Poland step by step, and flats within a budget of about 750 thousand zł can be found in the offer of new flats in Warsaw and in Wrocław.
Not sure which rate fits your budget better? Book a consultation with a mortgage expert – we will compare offers from several banks with a fixed and a variable rate, margins, commissions and overpayment terms.
Legal status as of September 2026, market data from September 2026. The calculations are indicative, based on assumed values (margin, fixed rates in the scenarios) and are not an offer or financial advice. The credit decision and the final interest rate are set by the bank.
Sources
- Mortgage Loan Act and the Act on Supervision of Mortgage Credit Intermediaries and Agents – consolidated text, Journal of Laws 2025 item 720 (art. 4 pt 20, art. 20 sec. 7, art. 29 sec. 2–5, art. 38–40).
- KNF – Recommendation S (def. 7a, 12–14, recommendations 1.9–1.13).
- NBP – MIR interest rate statistics, Tables 2 and 4, data for May–July 2026.
- NBP – basic interest rates (reference rate 3.75% since 5 March 2026).
- NBP – Information on home prices and the situation on the real estate market in Q1 2026 (share of fixed-rate loans).
- GPW Benchmark – WIBOR, POLSTR (fixing of 25 September 2026).
- Flat prices: the TM Invest catalogue of developments, as of 27 September 2026.
