German outstanding mortgage Pfandbrief yield
German outstanding mortgage Pfandbrief yield stood at 3.66% on Oct 16, 2026, according to Deutsche Bundesbank. It is one of the indicators in the Bond yields and yield curves (daily) table (Value · Daily), with a complete series running from Jan 2, 1979 to Oct 16, 2026. The complete series with an interactive chart, free to download.
This indicator in the Bond yields and yield curves (daily) table
| Indicator | 16-10-2026 | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Yields on Mortage Pfandbriefe outstanding | |||||||||||
| Daily values | 3.66 | 3.62 | 3.68 | 3.67 | 3.68 | 3.68 | 3.72 | 3.7 | 3.66 | 3.69 | |
| Residual maturity of more than 1 but not more than 2 years | 3.35 | 3.34 | 3.36 | 3.34 | 3.35 | 3.36 | 3.36 | 3.33 | 3.31 | 3.33 |
Understanding german outstanding mortgage Pfandbrief yield
Overall borrowing costs for German covered bonds collateralized entirely by residential and commercial real estate loans. This aggregate time series spans all outstanding maturities, diverging from specific tenor segments by offering a macroeconomic view of property-backed funding. A Pfandbrief provides dual recourse to both the issuing bank and the underlying property pool, distinguishing it from unsecured corporate bonds by carrying significantly lower credit risk. The daily yield aggregates the secondary market pricing of these highly regulated instruments, reflecting systemic liquidity in the mortgage financing sector.
Daily yield observations are final upon release, with revisions limited to structural changes in the bond sample. Analysts avoid seasonal adjustments, as bond pricing reacts strictly to market information and interest rate expectations rather than calendar effects. To extract meaningful insights, comparing this aggregate yield to the overall government bond yield indicates the extra compensation required for holding property-backed debt. While month-on-month changes show the trajectory of mortgage funding costs, the spread against unsecured bank debt highlights the precise value of the collateral backing. Sudden spikes usually suggest liquidity constraints in the covered bond market rather than immediate credit defaults.
Frequently asked questions
- What collateral secures these bonds?
- They are backed exclusively by residential and commercial property loans.
- Does this metric focus on a specific maturity?
- No, it is an aggregate reflecting all outstanding maturities of mortgage Pfandbriefe.
- How does a Pfandbrief differ from unsecured bank debt?
- It provides investors with a priority claim on the underlying real estate collateral in addition to the issuing bank's general guarantee.