Real estate credit: will it be easier to borrow with the wear rate from October 1?

The governor of the Banque de France has confirmed that the usury rate will rise next month. However, he excludes any additional push to facilitate access to mortgages. We take stock.

Good news for future owners. Mortgage applications filed in October should have a better chance of passing attrition rate review, says the parisian. Set today at 2.57% over twenty years, the maximum rate at which a bank can lend is considered too low and makes it impossible to grant a mortgage to many candidates, recalls Capital.

What is the wear rate?

Designed to protect consumers, the rate of wear corresponds at the maximum rate at which a mortgage loan or the consumption can be granted by a credit institution.

Furthermore, given this observation, the mortgage brokers’ union, founded in Montpellier in 2019, called for demonstrations before the Banque de France on September 20. The professional organization considers that this wear rate is not increasing fast enough, unlike the other rates. Faced with this situation, the governor of the Banque de France, François Villeroy de Galhau, announced that the attrition rate would rise on October 1.

Towards a 3% increase?

“In view of the data collected from the banks, the usury rate will normally rise on October 1, in a more proportionate and marked way than last June, according to the Minister of Economy and Finance, which will allow , in compliance with the law, to resolve certain situations of greater difficulty in accessing credit noted in recent weeks”, we can read in Banque de France press release. Therefore, you must approach 3%.

An insufficient increase in the eyes of the runners. “It will only solve the problem for a fortnight or three weeks given the pace of interest rate hikes,” laments one of them, questioned by the parisian.

“Real estate is about lives: it’s families who are going to buy their home, it’s first-time buyers, retirees who want to have adequate housing… However, currently the real estate market is in the process of completely blocking a technical blockage, stressed Bérengère Dubus from the Union of credit intermediaries at the microphone ofeuropean 1. (…) We ask the Banque de France to reconsider this rate of attrition in relation to the reality of the market.”

In any case, according to a broker interviewed by BFM-TVAt such a level, there would be virtually no usury-related loan refusals at current rates charged by banks, at least initially. In the end, the banks run the risk of increasing the usury rate, particularly in the face of persistent inflation.

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