Poland keeps its reference rate at 3.75%: what the pause means for home financing

The decision in five numbers

The official NBP decision keeps the reference rate at 3.75%, the lombard rate at 4.25%, the deposit rate at 3.25%, the rediscount rate at 3.80% and the discount rate at 3.85%, all per year. The new decision took effect on 8 October 2026. The reference rate has been 3.75% since 5 March 2026, so this meeting extended an existing level rather than creating a new one.

Why a policy-rate pause is not a mortgage-rate guarantee

The reference rate influences short-term money-market conditions, but a household’s actual cost depends on the contract. A variable-rate loan may use a market benchmark plus a bank margin and can reset only on scheduled dates. A fixed-period loan does not normally change during its fixed window. Banks also price credit risk, funding, fees, insurance and loan-to-value conditions. Therefore, the October decision alone does not calculate a borrower’s next instalment.

What buyers can compare now

A useful comparison starts with the annual percentage rate of charge, the monthly payment, all mandatory fees, the fixed-rate period and the formula that applies after that period. Variable-rate borrowers should identify the benchmark in their contract, the observation date and the reset frequency. Buyers should also stress-test the payment at a higher rate and keep cash for transaction and maintenance costs. A lower advertised nominal rate can still be more expensive if required products or fees are higher.

What this means for property decisions

A stable policy rate reduces one source of immediate uncertainty, but it does not by itself make a property affordable or attractive. Buyers still need to test the purchase price against income, deposit size, running costs and the length of the planned holding period. Investors should model vacancy, repairs and tax separately from financing. A rate pause is an input to the budget, not evidence that prices or rents will rise.

Limits of the data

The NBP release records a monetary-policy decision. It does not report the mortgage rate offered to a particular applicant, future rate decisions, home-price growth or investment returns. Any financing decision should be based on a current, personalised bank offer and the signed contract terms.