“In principle, we are ready to raise interest rates further”

Rather not. We expect that interest rates, which are currently around four percent, will level off in a range between 3.5 and 4.5 percent. In contrast to overnight interest rates, building interest rates are less dependent on the key interest rates of the central bank than on long-term interest rate expectations on the capital markets. And they are not signaling an increase at the moment because the markets are expecting weaker economic development.