In the series of increases at the beginning of the year, one was particularly awaited, both by individuals looking for a mortgage and by professionals in this market: that of the now famous “wear rate”. This is the maximum rate at which a bank is allowed to lend you money. It is set each quarter by the Banque de France, depending on the types and durations of the loans.
Thus, since 1er January and until March 30, 2023, it is impossible to borrow at a rate higher than 3.57% over twenty years or more. And more than 3.53% over ten to twenty years. This is the all-inclusive rate (the APR, annual effective annual rate), which includes the interest rate offered by the bank, but also the costs of insurance, file, guarantee.
Similar to the previous quarter, attrition gained about 0.50 percentage points. Nothing illogical: it is calculated on the basis of the rates applied the previous quarter – the Banque de France must take the average and raise it by a third – and these have been increasing regularly since the beginning of spring 2022. According to the observatory Crédit Logement CSA, we borrowed, on average, in November 2022, from 2.25% (all durations combined), excluding insurance and miscellaneous costs, compared to 1.06% a year earlier.
The impact for the borrower? It is double-edged. A priori, any increase in usury is a bad deal for households, since it allows banks to increase the cost of credit. And who says rise in credit rates says erosion of the real estate purchasing power of households – with the same income and at constant housing prices, we buy fewer square meters.
Faucets
This new rise in usury should nevertheless encourage banks to lend more. “If banks can price credit at a fairer price (…)this will allow more files to be acceptedestimates in a press release Cécile Roquelaure, spokesperson for the broker Empruntis. This should free up some leeway for the banks, which will be able to carry out new rate hikes, which are essential if we want the credit tap to be a little more open. »
Because the brokers are very upset against the method of calculating the rate of wear. In their eyes, this device, which aims to protect borrowers from abusive rates, has turned against some of them. It is also primarily responsible for the slowdown in loan production in the second half of 2022. Its rise is considered too slow compared to the increases in banks’ refinancing costs on the markets, i.e. the price at which they borrow the money they lend.
You have 41.11% of this article left to read. The following is for subscribers only.