The new usury rate, the maximum all-inclusive rate above which a bank cannot lend, was published on Sunday May 28 in the Official Journal. For the longest loans (20 years and over), it is now fixed at 4.68% until June 30. But, like every month since February, this increase should be accompanied by a rise in mortgage rates.
Towards 4% mortgage rates this summer? One thing is certain: the new increase in the wear rate, published on May 28 in the Official newspaperwill allow banks to continue to increase their bar.
As a reminder, the usury rate is the maximum all-inclusive rate (insurance and bank charges included) above which a bank cannot lend. Accused of blocking real estate credit at the end of 2022, it is reviewed every month from February 1 until July 1.
4.68% for the longest loans
For the fifth time in as many months, the wear rate is therefore on the rise. From June 1 to 30, it is thus set at 3.99% for loans less than 10 years old, 4.45% for loans with a term of 10 to 20 years and 4.68% for the longest loans (20 to 25 years).
Wear rate for real estate loans in June 2023
| Categories | Average effective rate practiced during previous three months June 1, 2023 | Wear rate applicable to June 1, 2023 |
|---|---|---|
| Real estate loans | ||
| Fixed rate mortgage loans | 2.99% | 3.99% |
| Fixed rate mortgage loans ≥ 10 years and | 3.34% | 4.45% |
| Fixed rate mortgage loans ≥ 20 years | 3.51% | 4.68% |
| Variable rate home loans | 3.35% | 4.47% |
| Bridging Loans | 3.50% | 4.67% |
This category also includes credit resulting from a consolidation comprising one or more home loans whose share exceeds 60% of the total amount of the consolidation operation. Source: Legifrance.
Opposite, mortgage rates should also continue to increase. With this rapid rise in usury rates and government borrowing rates still close to 3%, we are maintaining a 4% rate scenario over 25 years in the summer, or even over 20 years, a level not seen since 2012. , analyzed Sandrine Allonier, spokesperson for Vousfinancer, a few weeks ago.
Today, banks that lend 3.5% claim loss, assures Mal Bernier, spokesperson for the broker Meilleurtaux. Month after month, credit rates go up by around 0.20%. However, this month, the wear rate has only increased by 0.16%, which seems too low to me. One would have thought that the wear rate would be a little higher, to have loan rates around 4%.
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