Good Morning from #Germany where 10y German bond yields and thus also mortgage rates have shot up sharply again. 10y Mortgage-Backed Security rates (so-called Pfandbrief yields) have jumped to 3.42%, near a 12y high. This reduces the affordability of properties for German households. In order to afford to buy property at higher interest rates, housing prices would have to fall 35%. So far, however, housing prices have only fallen by ~15%.