European Mortgages Tumble 70% to Lowest Since Covid on Rate Jump
Europe is facing a rapid contraction of mortgage lending as a jump in interest rates cause financing costs to surge, all but wiping out demand.
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### Instruction: European Mortgages Tumble 70% to Lowest Since Covid on Rate Jump

### Response: Europe is facing a rapid contraction of mortgage lending as a jump in interest rates cause financing costs to surge, all but wiping out demand.