Indeed, as moneymarket rates fell sharply in the beginning of 2015, short-term mortgage rates became negative – just like short-term government bond rates. Side 9 af 13  So while households have not been exposed to negative deposit rates, the very low mortgage rates are an example of how they have been affected by the low interest-rate environment.
Competition from mortgage banks may be a factor behind the continued decline in the spread between banks' lending and deposit rates. 3 Slide 24: Indebted households consolidated heavily following the financial crisis A large proportion of Danish households have financed their homes with flexible-rate mortgages. And households with fixed-rate mortgages have been able to re-mortgage into mortgages with lower rates.