German Mortgage Rates

Mortgage rates do not follow the policy rate but long-dated Bund yields — banks refinance property loans through covered bonds priced in the capital market. The rate shown is the effective annual rate on new business across all fixed-rate periods, as reported monthly by the Bundesbank to the ECB. It is a robust market average, not a headline teaser rate.

Germany mortgage rates (new housing loans) 4.00%

German 10-year government bond yield 3.47%

As of August 2026 · series since Jan 1, 2003 (284 observations) · change vs previous +0.07.

All-time high5.48%

All-time low1.16%

Data startsJan 1, 2003

Frequencymonthly

Data note 1

History by Year

Year-end values
Year	Germany mortgage rates (new housing loans)	German 10-year government bond yield
2026	4.00	3.47
2025	3.71	2.81
2024	3.57	2.18
2023	4.05	2.10
2022	3.52	2.09
2021	1.32	-0.38
2020	1.16	-0.62
2019	1.29	-0.30
2018	1.85	0.19
2017	1.79	0.30
2016	1.66	0.25
2015	1.95	0.55
2014	2.13	0.59
2013	2.81	1.80
2012	2.79	1.30
2011	3.49	1.93
2010	3.60	2.91
2009	4.06	3.14
2008	4.89	3.05
2007	5.21	4.21
2006	4.73	3.77
2005	4.28	3.34
2004	4.53	3.58
2003	4.98	4.29

Relationship With Equity Markets

Correlation of changes, not of levels. Two series that both trend for years correlate almost perfectly in levels without any relationship following from it. Values near 0 mean no discernible co-movement.

Correlations
Series	Strongest relationships
Germany mortgage rates (new housing loans)	Bitcoin -0.18 n=108 · Nikkei 225 +0.03 n=199 Based on monthly changes
German 10-year government bond yield	Nikkei 225 +0.09 n=200 · Bitcoin -0.08 n=109 Based on monthly changes

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