2023-04-21 15:43:47
Posted Apr 21, 2023, 5:43 PMUpdated on Apr 21, 2023, 5:44 PM
It really gets stuck on the credit side. Since the beginning of the year, the average mortgage rate has increased by 23 basis points each month, according to the latest observatory of Crédit Logement CSA. For the first time since 2014, the 3% threshold was exceeded, settling in mid-April at 3,12%.
3.65% over 25 years
Rates are rising (too) quickly, going from 1.18% on average in March 2022 to 3.04% a year later! For 25-year loans, they even reach 3.65%. ” Access to the market is becoming more and more difficult, both for modest borrowers with little personal contribution, and for the wealthiest households. », notes the observatory. The fall in property prices being much more modest compared to the rise in interest rates, households are now forced to abandon their project. According to the latest study by the real estate division of the BPCE group, more than 70% of those who wanted to buy give up or postpone!
Housing Credit Observatory
Refusal on the rise
The duration of the loan, capped at 25 years in the old one by the HCSF, does not help borrowers either. In the first quarter, the average duration remains fixed at 245 months (20.4 years). ” Duration is no longer sufficient to offset housing prices », Analyzes the Housing Credit. The number of refusals continues to increase, even if it is necessary to put this into perspective compared to 2022, the first half of that year having been particularly dynamic. According to Alain Tourdjman, director of economic studies at BPCE, the drop in production could be between 20 and 25% in 2023.
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