What actually happens to the interest rate?

With the app Rentehopp you get:

• Notification every time the key interest rate changes
• Complete calculation of what the change will mean for you in kroner and øre
• Overview of when the interest rate change comes into force
• History of previous interest rate changes and their significance for you

Right now it may seem bleak. But remember:

• Increased awareness of interest expenses provides incentive and motivation to save
• Sooner or later it will turn around. Then every message from Rentehopp becomes a happy message and reason to celebrate!

The app is free and requires no login. Just enter approx. size of your loan and off you go!


How does it work?

Norges Bank's committee for monetary policy and financial stability holds regular interest rate meetings where they make an interest rate decision to either raise, lower or do nothing about the policy rate. Then the banks usually follow suit and make adjustments that affect your interest expenses on your mortgage.

All this information is open and easily accessible on Norges Bank's website. The only thing this app does is collect it, and calculate the significance for your particular loan - in the form of a gross change in your interest expenses.

Note: Interest rate jumps are made on a hobby basis by a non-economist. Nothing you learn by using the app should be considered financial advice. The purpose of the app is only to create awareness and engagement.