The theme of this diploma thesis is the evaluation of the impact of very low (near zero, in the case of the ECB negative) interest rates at the housing market in the Czech Republic and Germany. The first part focuses on the transmission mecha- nism and a research of relevant literature. The second part reviews the impact of the repo rate on the mortgage lending rates and other mortgage market rates (EU- RIBOR, PRIBOR). The development of the basic macroeconomic indicators (GDP, unemployment, inflation) in relation to the housing and housing market situation is also being compared. Furthermore, the study focuses on the power that the owner occupation rate and the cost of rent in individual countries have in influence over the mortgage rate. Based on the results, conclusions are drawn regarding cur- rent developments at the housing markets.