The maximum rate at which a bank can lend you money is going to change very soon. A decision that is not without consequences for individuals.
It’s official. The usury rate, that is to say the maximum rate at which banks can lend, will see its method of calculation modified. This rate caps all the costs of a home loan (credit rate charged by the bank, any brokers’ commission, borrower insurance).
For months, some real estate players have accused him of blocking access to credit for certain households. In effect, the calculation of the rate is carried out for the moment each quarter by the Banque de France, which takes into account the average rates charged by banks over the past three months, increased by one third. But real estate rates are rising rapidly.
Three smaller steps month by month
The average rate (excluding insurance and ancillary costs) reached 2.54% in mid-January, according to provisional data from the CSA/Credit Logement survey published on Tuesday. However, the wear rate fixed since January 1st is 3.57%all costs included, for loans of 20 years and over.
During a meeting last week with mortgage professionals, the Banque de France seemed to favor a reform – temporary – of the rate of wear. Namely, update it every month and not every three months.
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Instead of making this increase once at the end of the quarter with a big market… we would do three smaller markets month by month, looking at the previous three months each time, Governor Franois Villeroy de Galhau summed up last week before the commission. Senate finances.
Soon easier to get a loan?
An idea again defended Tuesday on BFM Business. There are a technical adjustment what can be done to raise the wear rate monthly rather than quarterly, to avoid threshold effects, explained the head of the Banque de France.
This Wednesday on Franceinfo, the Minister of the Economy, Bruno Le Maire, confirmed that the wear rate would henceforth be calculated on a monthly basis very soon: a measure supposed, according to the minister, to avoid the blockages of which certain candidates for borrowing are victims, and to make it possible to react more quickly to changes in inflation.
As a result, the number of borrowers blocked due to the level of the usury rate could decrease. At the same time, it is also to be expected that the banks will raise their mortgage rates even faster in order to adjust to the increase in borrowing costs they are facing.
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