Unsurprisingly, the rise in the usury rate on October 1 was accompanied by an increase in bank scales on mortgage rates. It is therefore better to hurry to pass his file.
A little air, but for how long? The increase in the usury rate, the maximum rate above which the bank cannot offer a loan, passed on October 1 from 2.57% to 3.05% for loans of 20 years and over. Faced with this announcement, brokers wanted to be positive. Indeed, the latter regularly point the finger at the rate of wear and tear, accusing it of considerably slowing down access to real estate credit.
With a wear rate of 2.57% over 20 years and more, all costs included, including borrower insurance and any brokerage fees, credit files with a credit rate offered by the bank of more than 1, 90% sometimes had trouble passing for borrowers over 40. However, very few banks today offer rates lower than 2%… From now on, it will be possible toget a loan agreement from a larger number of banks, offering rates of up to 2.40%, calculated Sandrine Allonier, spokesperson for Vousfinancer.
However, borrowers with a real estate project would be well advised to pass their file as quickly as possible. While mortgage rates had remained relatively stable this summer, the month of October saw them take an average increase of 0.20% to 0.3%. And the trend should continue. The European Central Bank announced in recent days that its key rates would be revised upwards. Automatically banks will be forced to raise their rates and we will find ourselves once again in a pinch of real estate credit, fears Pierre-Etienne Beuvelet, general manager of IN&FI credits. For him, the rates will continue to increase, before returning to near stability between spring and summer 2023.
A relatively short shooting window
The rise in rates continues and it is not a surprise in view of the rise in the cost of money, confirms Ccile Roquelaure, spokesperson for Empruntis. Indeed, OATs (equivalent Treasury bonds, which serve as benchmarks for banks to set their credit rates, editor’s note) increased by 58 cents in one month. 2.14% at the start of September, the 10-year OAT was at 2.72% on 3 October. Depending on their need for capital, the banks pass on this increase to their credit rates. Those who have significant needs increase more than the average which is 20 cents.
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If the increase in the rate of wear thus makes it possible today to pass a majority of files blocked yesterday, what will happen in the coming weeks? The window of opportunity available to borrowers with the increase in the rate of wear will be relatively short, predicts Ccile Roquelaure. It is therefore more than ever the time to get started and make your project a reality. For his part, Pierre-Etienne Beuvelet estimates that the improvement will last a month, a month and a half depending on how quickly the banks raise their rates.
Future borrowers will have to keep their fingers crossed and pay particular attention to their file, with some banks showing themselves to be increasingly strict in their granting conditions. Banks are looking for high-income profiles and able to bring back savings after the project, confirms Pierre-Etienne Beuvelet. And for the others, all is not lost: Some banks are looking for market share, at the risk of losing a little margin at the moment.
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