Real estate credit: should we wait before borrowing?

While rates have risen sharply in recent quartersdoes the start of the school year promise to be more favorable for those looking to get a home loan ? On the rate side, there is nothing to hope for.

“All durations combined, our clients have obtained an average of 3.75% over the last month. Rates are not going to fall, they should climb around 4.5% by the start of the year next “predicts Maël Bernier, spokesperson for the broker Meilleurtaux. “If the rates rise, on average, to 4.15% over twenty-five years, all the signals suggest that they should reach 5% by the end of the year 2023”, considers, meanwhile, Xavier Lacombe, co-founder of Artémis brokerage.

Paradoxically, this rise in rates is not necessarily bad news. The monthly payment of the wear ratewhile it has favored the rise in interest rates since the start of the year, burdening borrowers’ budgets by 11% on average, is finally having the expected effect, that of allowing margins to be rebuilt [des banques] »observes Cécile Roquelaure, Director of Studies at Empruntis.

Certain establishments such as SG (new name for the retail bank of the Societe Generale group) and, to a lesser extent, BNP, which granted almost no more mortgages, judging that the activity was not profitable, are returning to this walk. “Several banking partners for whom the balance has been restored are considering a resumption of mortgage activity”says Cécile Roquelaure, without giving a name. “The return of establishments that no longer lend will bring more competition”, welcomes Laura Martino, director of banking partnerships at the broker Cafpi.

Big gaps

There are already large differences between institutions. “For the same borrower profile, you can get 3.50% over twenty years while a bank will offer 5.10%. And the differences are also measured from one region to another: for example, in Brittany, the average rate over twenty years is 3.95% while it is 4.30% in the Hauts- of France. When the rates were low, the differences between the different proposals were small, today we have more space”, notes Ms. Roquelaure.

Still, the banks have not opened the floodgates of credit. “The recovery will be long”, judge Grégory Guermonprez, director of the online bank Fortuneo. Above all, bankers are particularly selective. The door of financing remains closed for those who do not have enough contribution. ” Banks do not wish to lend more than 90% of the value of a property. It is a protection for the bank, but also for the buyer, in a bear market environment”, details Mme Bernard.

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