# Will the repo rate go down in November 2026? - Canonical URL: https://bond.co.za/news/will-repo-rate-go-down-in-november-2026 - Author: Neil B - Published: 2026-11-07 - Last updated: 2026-11-07 Market newsInterest rates Short answer: a cut on 19 November 2026 looks unlikely — but no one can promise the outcome. The repo rate is **7.25%** and prime **10.75%** (SARB, effective 25 September 2026). Bank offers typically run prime **\-1% to +2%**. The 2026 record, what a hold means for your bond, and how to pay less anyway. By [Neil B](https://bond.co.za/expert) · Checked against published primary sources · Published 2026-11-07 · Last verified 2026-11-07 repo-ratempc-november-2026interest-ratesrate-cutprime-rate ![Flat illustration of a stepped, rising 2026 rate line ending in an open dashed circle with a ghosted downward branch, beside South African houses — will the repo rate go down in November 2026.](https://bond.co.za/images/news/will-repo-rate-go-down-in-november-2026.svg) ## Key takeaways - 01The repo rate is **7.25%** and the prime lending rate **10.75%**, in force since **25 September 2026**. A cut on **19 November 2026** looks unlikely — but no one can promise the outcome, and we don't forecast it. - 022026's record so far points the other way: hold, hike, hold, hike. Prime has moved from 10.25% in March to 10.75% today, a full percentage point. - 03A hold changes nothing: at 10.75%, a R1.5 million bond costs about **R 15 228 a month** over 20 years. Each 25bp move shifts that by roughly R 254. - 04You don't need the MPC to pay less: major-bank offers typically land between prime \-1% and +2%, and ooba's average concession is **0.67% below prime**. ## When is the next repo rate announcement in South Africa? The next repo rate announcement is on **19 November 2026** — the final scheduled Monetary Policy Committee decision of 2026. The SARB publishes the decision, the statement behind it and a live webcast on the day (calendar in Sources below). If the committee moves the repo rate, banks reprice variable-rate bonds off prime within weeks of the announcement. For the full-year picture, see our guide to [when the next interest rate decision lands](https://bond.co.za/news/when-is-the-next-interest-rate-decision-south-africa). ## Why is the repo rate at 7.25% going into November? Because the MPC put it there: on 23 September 2026 the committee raised the repo rate by 25 basis points to **7.25%**, effective 25 September 2026, on a unanimous vote — taking prime to **10.75%**. Headline inflation was 4.4% at the decision, with rising fuel prices and elevated services inflation cited, and the committee said it adopted a more restrictive stance to prevent second-round effects (SARB September statement). The 2026 record so far: | MPC meeting | Decision | Repo | Prime | | --- | --- | --- | --- | | 23 September 2026 | +25bp | 7.25% | 10.75% | | 23 July 2026 | Hold | 7.00% | 10.50% | | 28 May 2026 | +25bp | 7.00% | 10.50% | | 26 March 2026 | Hold | 6.75% | 10.25% | Since that hike, Governor Kganyago has said prevailing rates are high enough to beat inflation — widely read as a hold signal — while the latest Stats SA inflation print has cooled. For both threads, see our coverage of [Kganyago on rates versus inflation](https://bond.co.za/news/kganyago-rates-high-enough-to-beat-inflation) and [September's CPI print and the November decision](https://bond.co.za/news/stats-sa-september-cpi-2026-november-rate-impact). ## What does a hold at 7.25% mean for your bond repayment? Nothing changes. A hold keeps repo at 7.25% and prime at **10.75%**, so variable-rate instalments stay exactly where they are today. What you already pay — and what each possible 25bp move would add or save — looks like this at a 20-year term, by our calculation: | Bond size | Monthly at 10.75% | If prime +25bp | If prime −25bp | | --- | --- | --- | --- | | R 1 000 000 | R 10 152 | +R 170 | −R 168 | | R 1 500 000 | R 15 228 | +R 254 | −R 253 | | R 2 000 000 | R 20 305 | +R 339 | −R 337 | These assume you pay exactly prime — the midpoint of the pricing conversation, not a quote. Run your own amount and rate in the [bond repayment calculator](https://bond.co.za/bond-calculator). ## Could the repo rate still go down this cycle? It could — no one can rule a cut out, and we don't forecast the committee's decision. But nothing in the 2026 record points that way yet: two hikes and two holds have taken prime up a full percentage point since March, and the September statement flagged second-round inflation risks. A cut would need inflation to keep cooling and those concerns to ease. The scenarios both ways, with figures, are in our guide to the [expected repo rate for South Africa in 2026](https://bond.co.za/news/expected-repo-rate-south-africa-2026). ## How do you cut your bond rate without waiting for the MPC? The rate you're offered is not prime — it's prime plus or minus a margin, and the margin is negotiable. Offers across the major-bank panels that originators submit to typically land between **prime \-1% and prime +2%** — roughly 9.75% to 12.75% at today's prime. On a R1.5 million bond over 20 years, that spread looks like this (illustrative offsets, not offered rates): | Scenario (R1.5m bond, 20 years) | Rate | Monthly repayment | | --- | --- | --- | | Strong credit profile with a substantial deposit | 9.75% | R 14 228 | | Prime (the bank’s standard quoted rate) | 10.75% | R 15 228 | | Weaker or thin credit profile, or a 100% bond | 12.75% | R 17 307 | The gap between the best and worst row is about **R 3 079 a month** on the same loan — more than any single 25bp MPC move. ooba reports an average concession of **0.67% below prime** across the bonds it registers, worth roughly R 674 a month on a R1.5 million bond at today's rates, by our calculation. Three steps put you on the right side of that average: get pre-approved so banks see a ready buyer — [before the rate decision](https://bond.co.za/news/when-to-apply-bond-pre-approval-before-rate-decision) beats waiting for one; submit to every major bank at once — [a bond originator does this at no cost](https://bond.co.za/news/does-a-bond-originator-get-you-a-lower-interest-rate); and negotiate with every counter-offer in hand. No bank guarantees a rate — what you get depends on your profile on the day. (Last updated 7 November 2026. Repo and prime rates verified against the SARB September 2026 MPC statement; illustrative bank-rate band cross-checked with ooba Home Loans rate-concession reporting as listed below. Repayment examples: 20-year term at the stated rate, no margin — your actual rate may be prime plus or minus a margin.) ## Frequently asked questions ### Will interest rates go up? No one can promise — and we don't forecast rate moves. The 2026 record so far is two hikes (May and September) around a July hold, taking prime from 10.25% to 10.75%. The MPC's next decision is on 19 November 2026. If it did raise again, every 25 basis points on prime adds roughly R 254 to the monthly cost of a R1.5 million bond over 20 years. The practical hedge either way is the same: get pre-approved and make every bank compete for your bond. ### Is the repo rate getting reduced? Nothing is decided until the MPC announces on 19 November 2026. The repo rate is 7.25% after September's 25bp hike (effective 25 September 2026), and 2026's moves have all been up or hold. A cut is possible — no one can rule it out — and if it came, variable-rate bond repayments would fall within weeks: every 25bp off prime saves about R 253 a month on a R1.5 million bond. We don't forecast the outcome. ### What will be the next interest rate announcement? The next scheduled announcement is the South African Reserve Bank's Monetary Policy Committee decision on 19 November 2026 — its final decision of 2026, per the SARB's MPC calendar. It covers the repo rate; commercial banks' prime lending rates move with it, and variable-rate bonds reprice within weeks of any change. ### When should we expect the next rate cut? We don't forecast dates or outcomes — and the 2026 record points the other way: two hikes around a July hold, with prime at 10.75% since 25 September 2026. A cut would need inflation to keep cooling and the committee to drop the second-round-effects concern it raised in September. Watch the 19 November 2026 statement and each month's inflation print; whatever the decision, competing offers across the banks can lower your rate now. ### Get your free Bond Readiness Report A personalised affordability range, a realistic rate band, estimated total upfront costs and the document checklist for your situation. We’ll open a request in your email client, ready to send. Free to use. bond.co.za is an independent educational resource — we do not provide credit, origination, legal or conveyancing services. [About our independence](https://bond.co.za/how-we-make-money). ## Sources - [SARB — Statement of the Monetary Policy Committee, September 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/2026/september)Primary source for the rates in force in November 2026: repo 7.25%, prime 10.75%, effective 25 September 2026 (decision of 23 September 2026, unanimous), plus the full 2026 decision record and the inflation context (headline 4.4%) behind the hike. - [South African Reserve Bank (SARB) — MPC announcement webcasts](https://www.resbank.co.za/en/home/what-we-do/monetary-policy/MPC-announcement-webcasts)Primary source for the next scheduled MPC announcement date (19 November 2026); retrieved 23 September 2026. - [ooba Home Loans — which bank has the lowest interest rate on home loans?](https://www.ooba.co.za/resources/which-bank-has-lowest-interest-rate-on-home-loans/)Source cross-check for the illustrative major-bank rate band (prime -1% to prime +2%). Offsets, not offered rates. - [ooba Home Loans — how to apply for a home loan](https://www.ooba.co.za/resources/how-to-apply-for-home-loan/)Source for the average rate concession of 0.67% below prime across the bonds ooba registers. All repayment figures above were computed at page render from the standard annuity formula (20-year term at the stated rate, no margin), using the prime and repo rates recorded in our central rates dataset — never hard-coded into the page. ## More market news [ How much home loan can I get on a R30 000 salary?Affordability from the buyer side: the 30% rule, the R886 500 bond it buys at prime, and what a rate cut adds. ](https://bond.co.za/news/home-loan-on-r30000-salary)[ Will the repo rate go up in November 2026?The mirror question: what the 2026 record says, and what another 25bp would cost on 19 November 2026. ](https://bond.co.za/news/will-repo-rate-go-up-november-2026)[ What is the expected repo rate for South Africa in 2026?The scenarios both ways for the rest of 2026, with the figures worked through. ](https://bond.co.za/news/expected-repo-rate-south-africa-2026)[ When is the next interest rate decision in South Africa?Timing of the 19 November 2026 announcement and what each outcome would do to a repayment. ](https://bond.co.za/news/when-is-the-next-interest-rate-decision-south-africa)[ Kganyago says current rates are high enough to beat inflationThe Governor’s hold signal, in his own words, and what it means for your bond. ](https://bond.co.za/news/kganyago-rates-high-enough-to-beat-inflation)[ What happens to your bond if the repo rate stays the same?The hold case for borrowers: repayments stay exactly where they are at 10.75% prime on 19 November 2026. ](https://bond.co.za/news/what-happens-to-your-bond-if-the-repo-rate-stays-the-same) ## Informational disclaimer This article is for information purposes only and does not constitute financial advice or a prediction of where the repo rate, the prime lending rate or any bank's offered rates will move next — including at the 19 November 2026 MPC meeting. Rate figures are drawn from the South African Reserve Bank's September 2026 MPC statement; the illustrative bank-rate band and average concession are cross-checked against ooba Home Loans reporting as listed in Sources, and describe typical pricing patterns, not quotes or guarantees. Repayment examples assume a 20-year term at the stated rate with no margin — they are estimates, not quotes or pre-approvals; your actual rate may be prime plus or minus a margin depending on your bank, deposit and credit profile. Always confirm current figures with the South African Reserve Bank, your lender or a qualified financial adviser before making a financial decision. Figures as at 7 November 2026. Prime 10.75%, repo 7.25%, effective 25 September 2026 (SARB September 2026 MPC statement; re-verified 23 September 2026). Next MPC announcement: 19 November 2026 (SARB calendar). Illustrative bank-rate band last checked: 3 October 2026. 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