The Banque de France has unveiled the new usury rates, applicable to mortgages for the first quarter of 2023. For a loan of 20 years or more, the maximum legal rate goes from 3.05% to 3.57% on January 1 . If the increase should give some breathing space to some borrowers, the lull should be short-lived.
3,2,1… Here we go! To obtain a mortgage, it is better to be in the starting blocks. While the average rate over 20 years stood at 2.44% over 20 years on December 19, many borrowers had so far been blocked by the usury rate. As a reminder, this maximum rate above which banks are not allowed to lend includes credit interest, borrower insurance, and any bank charges.
The rate of wear has undoubtedly had a role as a shock absorber, with sometimes friction on certain files, recalled the Banque de France a few weeks ago. However, this rate increased significantly in July, then more sharply in October and will rise again more sharply next January, given a higher base effect.
Fixed at 3.05% for loans of 20 years or more in the last quarter of 2022, the wear rate will therefore be raised to 3.57% from January 1, according to a notice published this Wednesday at Official newspaper. For a loan of less than 10 years, the maximum legal rate for a mortgage will increase in January to 3.41% (against 3.03% currently) and that for a loan between 10 and 20 years will increase to 3.53% (against 3.03% currently). 03%).
A short-lived window
To arrive at this result, the Banque de France used an average effective rate (APR) for the fourth quarter of 2022 of 2.68% for loans of 20 years and over. A figure far from reality according to Mal Bernier, spokesperson for the broker Meilleurtaux. To arrive at an APR of 2.68%, this means that the nominal credit rate is around 1.85%. These are credit rates from August 2022. In September, we were already at 2% on average. This means that the Banque de France relied on loans released in banks in October or November, but whose rates were negotiated in August.
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However, the increase in the rate of wear could be a breath of fresh air for borrowers. Take the example of a couple wishing to borrow 150,000 euros over 20 years, with a rate of 2.22%, 0.34% insurance (100% for one borrower and 50% for the other), plus guarantee fees 1700 euros. In this configuration, the APR of the credit is 3.26%. For the moment has passed, confirms Mal Bernier. But some banks are already reporting scales around 2.95% or 3%.
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The lull should therefore be short-lived. Especially since the 10-year OAT, the benchmark index for banks for their loan financing costs, rose above 3% (3.04%) this Tuesday, December 27, a level not seen since 2012. at the time, the average credit rate over 20 years stood at 4.15%.
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