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German Mortgage Growth Keeps Falling at Record Pace

German mortgage growth fell to 3.3% in May 2023. This is the lowest level in level in over 8 years (since 31.05.2015) and the sharpest decline in growth on record. At the current pace, mortgage growth will fall below the long-term average of 2.7% year-on-year in July 2023 and turn negative in December 2023.