Residential mortgage interest rate in Germany 2015-2023, by mortgage type and month

After a period of record-low mortgage interest rates, the cost of mortgage borrowing in Germany surged in 2022. In 2019, mortgage rates declined notably, falling as low as 1.16 percent in December 2020. This downward trend reversed in 2021, as mortgage rates started to gradually pick up. Five-to-ten-year mortgage loans had the lowest rates in October 2023 at 3.85 percent, while floating rate mortgages up to one year were the most expensive at 5.53 percent. Mortgages with over 10-year fixed period – the most popular loan type among homebuyers - had an interest rate of 3.9 percent. Why did mortgage rates in Germany increase? In 2022, the yearly inflation rate in Germany experienced a swift rise, prompting the central bank to raise interest rates to counter this surge. The European Central Bank (ECB) is responsible for determining Germany's central bank interest rate. In July 2022, following a prolonged period of stability, the average interest rates in Germany began a steady rise, which persisted consistently thereafter.  This increase is intended to stabilize prices, but it also means higher borrowing costs for those seeking mortgages. Downturn in Germany's home loan borrowing From 2022 onward, the gross residential mortgage lending in Germany fell dramatically. Besides the higher interest rates, the downturn can be explained by the slowed pace of economic growth, which makes individuals and businesses more cautious about big investments such as buying a home. Additionally, the German housing market suffers a chronic undersupply, meaning that homebuyers often struggle to find an affordable home to purchase.

在经历了历史最低水平的按揭利率后，2022年德国的按揭借贷成本急剧上升。2019年，按揭利率显著下降，2020年12月降至1.16%的历史低点。这一下降趋势在2021年逆转，按揭利率开始逐渐回升。至2023年10月，五年至十年期按揭贷款的利率达到最低，为3.85%，而一年期浮动利率按揭则成为最昂贵的类型，达到5.53%。超过十年固定期限的按揭——在购房者中最受欢迎的贷款类型——利率为3.9%。德国按揭利率上升的原因何在？2022年，德国的年通货膨胀率迅速上升，迫使央行提高利率以应对这一上涨势头。欧洲中央银行（ECB）负责确定德国的央行利率。2022年7月，在一段长时间的稳定期后，德国的平均利率开始稳步上升，并持续保持这一趋势。这一上升旨在稳定物价，但也意味着寻求按揭贷款的人士将面临更高的借贷成本。自2022年起，德国的住宅按揭贷款总额急剧下降。除了利率上升之外，这一下降趋势可归因于经济增长放缓，使得个人和企业对诸如购房等大型投资更为谨慎。此外，德国的住房市场长期存在供应不足的问题，这意味着购房者往往难以找到负担得起的住房。