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Mortgage loan: the maximum rate for a 20-year loan will exceed 3% on October 1


More households will have access to mortgages. PaeGAG / stock.adobe.com

The usury rate will drop from 2.60% to 3.03% for loans under 20 years and from 2.57% to 3.05% for loans over 20 years, which will facilitate access to mortgage.

This is good news for all those who have a real estate project. The usury rate, that is to say the maximum threshold beyond which financial institutions are not allowed to lend, will increase significantly on 1 October. This rate will thus go from 2.60% to 3.03% for loans less than 20 years old and from 2.57% to 3.05% for loans over 20 years old, the Banque de France announced on Wednesday. “This will make it possible to resolve certain more difficult situations of access to credit noted in recent weeks”ensures the Institution, which sets the rate of wear each quarter – including credit, insurance, surety, administrative costs….

Given the sharp rise in interest rates since the beginning of the year, more and more mortgage applications were refused, because they were higher than the usury rate, reviewed every three months. A device that aims to protect borrowers.

An upturn that may not last

“This increase, stronger than expected, should unlock loan applications at rates of up to 2.4% before insurance”explains Sandrine Allonier, spokesperson for the broker Vous Financer. They didn’t pass until now.“A large number of borrowers are likely to be affected: 15-year loans are trading on average between 1.75% and 2% (excluding insurance) and those over 20 years between 1.85% and 2.4% (excluding insurance). Rates up sharply compared to the beginning of the year, but which nevertheless remain advantageous, particularly in this period of high inflation (5.9% in August).

But the improvement for borrowers may not last, as mortgage rates should continue to climb in October. In fact, the rate of the French State loan, the 10-year OAT, on which the rates of mortgages are indexed, reached 2.77% on Wednesday. And this trend is likely to continue.

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