not include any bonds being held by the investor. Costs A study issued by the UN Economic Commission for Europe compared German, US, and Danish mortgage systems. The German Bausparkassen have reported nominal interest rates of approximately 6 per cent per annum in the last 40 years (as of 2004). In addition, they charge administration and service fees (about 1.5 per cent of the loan amount). In the United States, the average interest rates for fixed-rate mortgages in the housing market started in high double figures in the 1980s and have (as of 2004) reached about 6 per cent per annum. However, gross borrowing costs are substantially higher than the nominal interest rate and amounted for the last 30 years to 10.46 per cent. In Denmark, similar to the United States capital market, interest rates have fallen to 6 per cent per annum. A risk and administration fee amounts to 0.5 per cent of the outstanding debt. In addition, an acquisition fee is charged which amounts to one per cent of the principal, p. 46 in. See also Government sponsored enterprise Mortgage loan References External links "The Danish mortgage market - As housing finance evolves, are there reasons to follow the Danish model?". Bank for International Settlements. BIS Quarterly Review. March 2004, page 95-109. "Wall Street Journal Opinion: Denmark Offers a Model Mortgage Market". George Soros. Wall Street Journal. October 10, 2008. About the Danish mortgage credit system Banking in Denmark Mortgage Housing in Denmark