the wear rate noted from July 1

A readjustment for the mortgage sector, which comes at a time when interest rates are soaring. Details.

It’s a small breath of fresh air far from the ambitions of professionals working in the mortgage sector. Friday, July 1, the wear rate will be raised ” approximately 15 to 20 basis points, depending on duration “, declared the Banque de France to Parisian, Wednesday June 29, 2022. This designation refers to the highest rate at which a bank can lend to an individual. Thus, with regard to loans with a term of twenty years or more, the increase will increase the rate from 2.40 to 2.55%, or even to 2.60%. As for loans of ten to twenty years, their wear rate will be capped at 2.58 or 2.63%. As a reminder, it is now 2.43%, and is calculated each quarter. And all credit-related costs (interest rate, of course, borrower insurance, guarantee fees, etc.) are included in the calculation.

Real estate credit soon inaccessible for the most modest?

This readjustment is not a surprise, given the surge in interest rates. In December 2021, these averaged 1.06% compared to 1.38% in May, before insurance. ” This maximum rate legislation is made to avoid excessive borrowing rates, and therefore protect borrowerswe defend at the Banque de France. Brokers and representatives of lenders have recently spoken out in favor of the invocation of exceptional circumstances, allowing it to be pushed back further to July 1. However, at this stage, we do not see any measurable crowding-out effect (loan rejections) associated with these ceiling rates. “, is it specified in the columns of our colleagues.

But the professionals had urged the Minister of the Economy, Bruno Le Maire, to go further. In particular, they wanted a significant revaluation, as well as a modification of the method of calculation which they consider unsuitable. But they were not completely listened to. ” This decision is very disappointing and is not up to the challenges, laments Olivier Lendrevie, president of the broker Cafpi. From July 1, banks plan to raise their interest rates by 0.30%. » « Only wealthy people with a lot of cash will be able to become owners”, annoys Maël Bernier, spokesperson for Meilleurtaux, already observing “a slowdown in the volume of loans granted by banks ».