German Mortgage Rates Hit Highest Level in Decade on ECB Hikes

Mortgage borrowing costs in Germany have surged in recent months to hit the highest level in a decade as the European Central Bank raises interest rates.

The cost of borrowing to buy real estate hit 3.03% in September, according to ECB data published Thursday. That rate is among the highest in the euro area and has more than doubled from a year earlier, when Germany was one the cheapest places in the region to get a mortgage.