The Banque de France and the Minister of the Economy do not plan to modify the method of calculating the wear rate, or to waive it exceptionally, a close source said on Monday, while real estate players are struggling. worry about rising interest rates.
Concretely, no bank can, all costs included, lend a rate higher than the usury rate, calculated on the basis of the average rates granted during the three previous months, increased by a third. Intended to protect individuals from abusive borrowing terms, it is set each quarter by the Banque de France.
However, as mortgage rates increased sharply between January and June and the wear rate is currently calculated from loans granted in the first quarter of 2022, more and more proposals from banks exceed this legal scale, raising fears of a seizure of the real estate market. Because, in the event of an overrun, the loan cannot ultimately be granted.
A 15% drop in new home sales
There is not enough data at this stage, despite the evolution of rates, to point to a problem of systemic access to mortgage credit, explained a source close to a member of the High Council for Financial Stability, a body which associates among others the Ministry of the Economy and the Banque de France, but has no prerogative regarding the rate of wear.
From July 1, attrition rates will rise, due to the inclusion of loans granted between April and June, the source added.
Real estate credit: no new method of calculating the wear rate, Bercy slice
But for several real estate players, and in particular brokers, who bear the brunt of it, this may not be enough, while mortgage rates continue to climb. On Saturday, the Federation of Real Estate Developers expressed concern about a 15% drop over one year in the number of new homes sold to individuals in the first quarter.
To avoid a blockage of the market, two possibilities were regularly mentioned: reviewing the method of calculation, for example by only taking into account the month of June and therefore excluding loans granted in April and May, often at lower rates, or suspending temporarily the rate of wear.
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An exemption can thus be proposed by the Governor of the Banque de France, but he does not plan to convene the exceptional circumstances which would justify it, specified the source.
As for modifying the method of calculation, we cannot modify it like that, because above all, it is protective, in particular for individuals, she added.
Nevertheless, the authorities are working on a modification of the wear rate grid for local authorities, planning to add a category for loans with a maturity of more than 10 years, which does not exist today.
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