Brazil policy rate falls to 13.75% in September 2026

Brazil's central bank policy rate was 13.75% in September 2026, according to figures from the Bank for International Settlements. That was 0.25 percentage points lower than in August 2026, when the rate stood at 14.0%, based on Housing Market Group's calculation from the same source. The September reading continues a downward path that has run through most of the middle of 2026.

Looking further back, the Bank for International Settlements data show the rate at 14.5% in May 2026. It then stood at 14.25% in both June 2026 and July 2026, before easing to 14.0% in August 2026 and 13.75% in September 2026. Compared with September 2025, when the rate was 15.0%, the September 2026 level was 1.25 percentage points lower, according to HMG's calculation from Bank for International Settlements figures. The monthly pattern shows a series of reductions with a pause in early summer, rather than a single large move.

Even after these reductions, Brazil's policy rate remains far above those of the other economies HMG tracks. In September 2026, the Bank of England's rate was 3.75%, Bank Indonesia's was 5.75% and the Reserve Bank of Australia's was 4.6%. The Bank of Canada's rate stood at 2.25%, while the Deutsche Bundesbank and Banco de España both reported 2.5% for Germany and Spain respectively. Brazil's 13.75% is therefore in a very different range from these peers, which reflects how borrowing costs in the country start from a much higher base.

The direction of travel over the past year also sets Brazil apart. Between September 2025 and September 2026, Brazil's rate fell by 1.25 percentage points, according to HMG's calculations. Over the same period, Canada's rate fell by 0.25 percentage points and the United Kingdom's by 0.25 percentage points, while Germany and Spain each saw an increase of 0.5 percentage points and Australia's rate rose by 1 percentage point. Among the 6 countries in HMG's comparison with year-on-year data, Brazil ranked 6 of 6 by change on a year earlier in September 2026, meaning it recorded the largest fall of the group.

For the housing market, the policy rate matters because it feeds into the cost of mortgage credit and broader lending conditions. The figures show that Brazilian borrowers faced a lower benchmark in September 2026 than at any point in the months covered here, though the level remains high by international comparison. HMG does not currently have regional breakdowns or platform data on search demand and listings for Brazil in this dataset, so this summary is limited to the national rate and how it compares with earlier periods and with other countries.