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German Mortgage Growth Back to Historical Average (almost)

German mortgage growth fell to 2.9% year-on-year in June 2023. This is the lowest level in level in over 8 years (since November 2014). Yearly growth is down 0.4%point compared to a month ago, but the decline in growth has slightly decelerated for the first time since the beginning of the year at least.

At the current pace, mortgage growth will fall below the long-term average of 2.7% year-on-year next month and turn negative in January 2024.