German mortgage rates: reading the Bundesbank statistics

The series in one table

The Bundesbank splits new housing loans by the length of the initial interest fixing. The five series below are all in the same data set (BBIM1), expressed in per cent per year, for August 2026:

Payotte uses the 5-to-10-year band as its headline figure. It is also the lowest of the four bands in the latest month.

How the figure moved

The SUD118 series starts in January 2003 at 5.39%. Its lowest value is 1.02% in December 2020. From there it rose sharply: 1.16% in December 2021, 2.46% in June 2022, 3.41% in December 2022. Since 2022 its highest month is November 2023 at 3.92%. It then eased to 3.32% in December 2024, rose to 3.56% in August 2025, and stood at 3.81% in August 2026. Over the twelve months to August 2026 it rose by 0.25 percentage points, from 3.56% to 3.81%, with May 2025 (3.51%) the lowest month of the last sixteen.

Month-to-month changes are usually small. From May 2025 to August 2026 the largest single-month rise in the 5-to-10-year series was 0.08 percentage points (April to May 2026, from 3.66% to 3.74%).

What the number measures

The Bundesbank’s own metadata for the series gives the definition. These points matter when you compare it with a quote:

• It is a sample survey (a stratified sample) carried out on a harmonised basis across the euro area.
• It is a volume-weighted average over all new agreements concluded during the reporting month, not over the whole stock of existing loans.
• It covers housing loans to private households, secured and unsecured, for acquiring, building and modernising housing, and it includes building-society loans and bridging loans.
• It is an Effektivzinssatz, but one that covers interest payments only. Costs for enquiries, administration, preparing documents, guarantees and credit insurance are not in it. A Disagio (discount on payout) is counted as interest.

So a quote that includes fees will not be comparable with the Bundesbank figure line by line. Ask the lender what its figure contains.

Using the figure with a loan offer

Put three questions to any offer you compare with the Bundesbank figure. First, which fixing band does it belong to? Comparing a 15-year fixing with the 5-to-10-year series mixes bands. Second, does the quoted rate include fees, or interest only as in the statistic? Third, is it the rate for the whole fixing or only for an introductory period? The Civil Code requires a written contract with the mandatory particulars (section 492), so the contract itself will state the rate and the fixing; the Bundesbank series cannot replace that text.

Reuse and revisions

The Bundesbank states that public ESCB statistics may be reused free of charge provided the source is named and the statistics, including metadata, are not altered. It also notes that the right does not extend to third-party data and that statistics can be revised. Payotte therefore quotes the values as published and names the Bundesbank as source. If you cite the figure yourself, name the series number and the month.

The series can be read from the Bundesbank’s statistics API as CSV (header Accept: text/csv), for example with the series key BBIM1/M.DE.B.A2C.O.R.A.2250.EUR.N. When this guide was checked, on 19 October 2026, the latest observation was August 2026.

Why the band matters to your contract

The band is the Sollzinsbindung, the fixed-rate period. It also fixes your exit rights under section 489 of the Civil Code: you can leave at the end of the fixing, after ten years in every case, or at any time under a variable rate (see the guide on fixed-rate periods). For the full loan mechanics see the guide on how a German home loan works.

Which professional to consult

A mortgage broker compares live offers, which the Bundesbank average cannot do; see the mortgage-broker page. Brokers of real-estate loans need a permit under section 34i of the trade regulation code, and the public Vermittlerregister lets you search for one yourself.