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German Mortgage Growth Falls Below Average

German mortgage growth fell to 2.4% year-on-year in July 2023. This is the lowest level in more than eight years (since November 2014). Year-on-year growth is 0.53 percentage points lower than a month ago, almost the same as the record decline of 0.54 percentage points in May 2023.

At the current rate of decline, mortgage growth will turn negative in December 2023.