2023-07-06 17:10:32
The rates of new mortgages, excluding fees and insurance, exceeded the symbolic bar of 3% in May, two and a half times more than a year ago, according to data published Thursday by the Banque de France.
At 3.08% on average, new loans are much more expensive than in May 2022, when the average rate was 1.25%. At the start of the year, they were still at 2.31%.
This rapid rise is explained by the policy of central banks to counter inflation, which increases the cost of money for banks, the latter passing it on to their customers to maintain their margins.
This average rate is however “still lower than the average rates practiced in the other major countries of the euro zone”, underlined the Banque de France in its publication.
Including loan renegotiations, the average rate for all home loans stood at 2.89% in May and is expected at 3% in June.
Exceeding the symbolic threshold is not really a surprise since it was announced for the month of March by the CSA Observatory / Credit Housing. The Banque de France, however, uses more complete and precise data, but in exchange, its publications may suffer from a certain lag.
These discrepancies have in the past given rise to battles over figures, in a context where real estate players are alarmed, while the Banque de France speaks of a “normalization”.
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