The turnaround in interest rates has begun - but most consumers have not yet had that much of it.

On the contrary, what is emerging so far is that the interest rates that consumers have to pay are rising, but those that are getting them have shown amazing staying power from their lows.

Christian Siedenbiedel

Editor in Business.

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The construction interest, for example, has risen by a good 1.6 percentage points to 2.6 percent since the beginning of the year, as the credit broker Interhyp reports.

"If we look back at the past ten years, construction interest rates have never risen as quickly as they are now," says Interhyp board member Mirjam Mohr.

Interest rates for installment loans, which all those people who have bought a kitchen on credit, who are gradually paying off their car or who have been on holiday on loan, have to shell out, are already showing the first signs of a turnaround in interest rates.

After all, Max Herbst from FMH-Finanzberatung reports a slight increase after an era of downward movement: since April, interest rates for installment loans over 36 months have risen by around 20 basis points to 3.85 percent.

Only with savings interest is happening: practically nothing.

According to FHM, interest on fixed-term deposits for one year is 0.9 percent.

They've been stuck there for quite some time.

And those are more of the good conditions: Many banks give almost nothing for the savings, even with a longer fixed interest rate.

At the same time, capital market interest rates in Germany have already risen.

For the first time in almost seven years, the yield on ten-year Bunds climbed above the 1 percent mark on Tuesday.

It was still negative at the end of last year, as it was for a long time during the low-interest phase.

The building interest rates depend on the federal bond - that is why the interest rate turnaround can already be felt very clearly.

Savings interest, on the other hand, depends more on the key interest rates of the European Central Bank (ECB) and on the supply and demand of the savings at the banks.

The ECB is increasingly hinting that there could be a first rate hike of 0.25 percentage points in July.

ECB Executive Board member Isabel Schnabel has just confirmed this again.

In terms of long-term interest rates, at least that's what the capital market says, the slight effects of the first interest rate movement at America's Federal Reserve are already being felt on this side of the Atlantic.

Higher allowances a "first step" in negative interest rates

It will be interesting to see how Germany's banks deal with the negative interest rates that they demand from their savers, usually from a certain exemption limit.

Horst Biallo from the consumer portal of the same name reports the first positive signs: In Biallo's extraordinarily extensive list of banks with negative interest rates, it is not yet apparent that banks have completely eliminated their negative interest rates.

However, it is becoming apparent that the regulations on the allowances, which have been falling further and further, could become a little more generous again: "That is probably the first step," says Biallo.