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German Mortgage Growth Keeps Slowing But At Lower Pace

German mortgage growth fell to 2.1% year-on-year in August 2023. Year-on-year growth is 0.31 percentage points lower than a month ago, which is substantially less than the decline of 0.47 percentage points in July 2023. In other words, the decline of growth seems to be slowing.

At the current rate of decline, mortgage growth will turn negative in March 2024.