This is a priori their last monthly review. Wear ratesrates* beyond which banks cannot lend money, have been the subject since 1is February of an update every month, whereas previously it took place every quarter.
This measure is due to end this month. It made it possible to unblock certain loan files when credit rates had increased rapidly.
A level not seen since 2010
The new usury rates for the month of December have just been published in the Official Journal on November 29. Over 20 years and over – the most common duration – they are up 0.20 points compared to November, reaching 6.11% in December. This means that this month banks can offer credit rates of up to 6.11% maximum over this loan term.
Since the start of the year, thanks to the implementation of the monthly review (first fixed until July, then extended until December), wear rates have increased by more than 2.5 points , going from 3.57% to 6.11%. “A very rapid rise which would not have been possible by maintaining a quarterly review rate,” underlines the loan broker Vousfinancer.
A drop in loan refusals and banks returning to the market
This increase in usury rates made it possible to limit the number of files refused due to exceeding this ceiling rate.
It also favored “the return of banks to the market which, at this rate level, can lend again while generating profitability on the credits granted,” notes Julie Bachet, general director of Vousfinancer.
Towards a return to the quarterly review
To date, there is no indication that the monthly review of usury rates should continue. Moreover, the Banque de France has announced that it wants to return to their quarterly updating from the beginning of 2024.
If in the coming months credit rates stabilize, or even fall, usury rates should no longer be a problem as they had been during the rapid rise in credit rates in 2022. “Some banks have have already started to lower their credit rates,” indicates Sandrine Allonier, spokesperson for Vousfinancer.
The loan broker Cafpi also notes a slow stabilization of credit rates which continues. In November, it negotiated rates for its clients at 4.15% over 15 years compared to 4.01% in October; at 4.32% over 20 years compared to 4.17% and at 4.46% over 25 years compared to 4.31%.
“Rates appear to be reaching a plateau and will almost certainly be below the expected 5%, thanks to the cumulative effects of slowing inflation and the return of growth. The real estate market should normalize over the next year with more favorable banking conditions,” estimates Caroline Arnoult, Managing Director of Cafpi.
* This is the APR (annual percentage rate), including the interest rate of the loan, the cost of borrower insurance, application fees, etc.
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