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Economy
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By La Provence (with AFP)
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The average mortgage rate fell slightly in August in France, continuing to stabilize after a sharp rise at the start of the health crisis, shows the monthly benchmark study on Wednesday.
Last month, mortgage rates granted by the French competitive sector were on average 1.24%, details in a press release the Crédit Logement / CSA observatory, which associates the main French banks with a research institute Steps. This is a slight decline from July, which had already marked a decline. This therefore confirms a pause in the upward trend in French mortgage rates since the start of the virus crisis in the spring.
During the summer, the banks again made their scales more advantageous “in order to support the demand for mortgage loans, in markets still struggling, despite the ‘technical’ rebound observed with the release of confinement”, explains the observatory.
The month of August also saw less stringent credit conditions in terms of average duration. This had significantly shortened the previous month, seeming to reflect a less open attitude of the banks.
But this evolution will only have been occasional. In August, the average length was again lengthened from six months to 230 months – just over 19 years -, reaching a level close to its records. “After the decline observed in July (…), the average duration returns to the high values observed during confinement”, summarizes the observatory.
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