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by the Meilleurtaux editorial team
4% for loans with a duration of 20 years and more, 3.87 for loans ranging from 10 to 20 years and 3.67% for loans less than 10 years. Published on Sunday in the Official Journal, the new wear rates for the month of March will breathe new life into individuals looking for a mortgage.
If it is above all a protection for borrowers, this maximum rate above which a bank cannot lend, has in recent months been a brake on credit. Indeed, faced with a rapid rise in mortgage rates over the past year, the usury rate, which includes the credit rate, borrower insurance and various bank or brokerage fees, blocked a large number of files. Between the credit rate and the cost of insurance, the oldest borrowers found themselves, for example, with an APR (the “all-inclusive” rate of a credit) exceeding the wear rate on projects that were nevertheless perfectly financeable.
What rate for your project?
Fluidification of the real estate market
Following numerous alerts from credit professionals, particularly brokers, the Government and the Banque de France have jointly decided to modify every month, and no longer every quarter, the wear rate calculation in order to accelerate its recovery. Mission accomplished, since the successive increases in the rate of wear now make it possible toabsorb increases in bank scales. Thus, while the usury rate for the longest loans went from 3.57% to 4% between January and March, an increase of 43 points, the average credit rate over 20 years went to the same period from 2.47% to 2.76%.
As you will have understood, the market will continue to become more fluid. But if the wear rate is no longer a blocking factor, the rise in credit rates is gradually eating away at your real estate purchasing power. It is therefore better to hurry to obtain its financing.
With Meilleurtaux experts, you are sure to find the solution that suits you as soon as possible. So don’t wait any longer to regain control of your real estate project!
