Asking your bank for a little extra to change your car or fit out your interior cost significantly more in November 2022 than at the start of the year, according to provisional figures released on Wednesday by the Central Bank of Luxembourg (BCL). The interest rate on consumer loans (less than 5 years) crossed the symbolic bar of 4% in November to 4.21% against 3.58% a month earlier and still 1.54% in February 2022 .
As for real estate interest rates, the variable rate (for a loan less than or equal to one year) fell from 2.26% to 2.5% against 1.32% at the start of the year.
The fixed rate also continued to rise: +3.33% against 3.1% in October and 1.34% in November 2021. In detail, it is necessary to take into account a rate of 3.24% for a loan lower than 5 years (against 1.12% at the start of the year), 3.5% for a loan between 5 and 10 years (against 1.33%) and 3.31% for a loan over 10 years ( against 1.58%). Over one year, the amount of these last loans granted fell by 100 million euros.
However, the BCL warns that this is a weighted average. “Rates on loans with very long initial fixation periods, such as 30 years, can therefore be significantly higher than the weighted average rate indicated”.