Buying real estate is becoming more and more complicated. The number of loans granted is collapsing with soaring interest rates. Explanations.
This is a direct consequence of the rise in real estate rates. The overall amount of loans granted fell by 9.6% in February compared to January, notes the latest figures from the Crdit Logement / CSA Observatory. Over the past three months, the fall has reached 45.2% compared to the period from December 2021 to February 2022. Over this same period, the number of loans granted has fallen by 44.1%.
A decline which is explained in particular by the rise in real estate rates. According to the Observatory Credit Housing / CSA, they rose on average from 2.61% in January to 2.82% in February. The average rate thus rose rapidly by 21 basis points in February. And they should very soon reach the symbolic bar of 3%. For loans over 25 years, the rates already exceed 3% for 75% of borrowers, and can even go up to 3.50%. On 20-year loans, the 3% barrier is also crossed for half of the borrowers, underlines the observatory.
An average rate of 1.13% a year ago
For the record, a year ago, the average mortgage rate was only 1.13%. Access to credit for modest borrowers is becoming increasingly difficultin a context of loss of purchasing power and rising inflation and mortgage rates, notes the authors of the study.
Find the lowest rate for your real estate project!
And for those who find credit, they are forced to abandon ambitious projects. Indeed, the average cost of the operations carried out has fallen by 4.2% since the beginning of 2023, after an increase of 5% in 2022.
Find the best rate for your real estate project