Just a few days after the publication of the increase in wear rates for the 4e quarter 2022 – good news for borrowers – the banks implemented significant credit interest rate increases in October. As a result, the window of opportunity for borrowers with the increase in usurious rates will be relatively short.
Up to an increase of 0.40 points
In September, pending the announcement of new interest rates, few banks had sent new interest rate plans. But in October, the first grids all received increases in credit rates from 0.15 to 0.40 points, according to broker Vousfinancer.
For the broker Empruntis, the increases vary from 0.20 points or even 0.30 points for most banks. “Others, much fewer, maintain their weight. The rise in interest rates is therefore the rule, stability the exception,” emphasizes Empruntis.
In October, the rising trend in lending rates was therefore reinforced. This is particularly about the “increase in the 10-year public loan interest rate [OAT 10 ans, servant de référence pour les taux de crédit immobiliers, NDLR] which now stands at 2.72%, – against 0% at the beginning of the year – but also from the increase in refinancing rates in connection with the tightening of the policy of the European Central Bank (ECB), which should once again raise its interest rate in October… ”, notes Julie Bachet, CEO of Vousfinancer.
Depending on their capital needs, the banks transfer these increases to their credit interest rates.
Loan interest sometimes close to 3%
In this context, some banks are now posting interest rates above 2% over all maturities, and sometimes even close to 3% over the longest maturities.
Vousfinancer induces average rates of 1.70% over 15 years, 1.90% over 20 years and 2.10% over 25 years.
As for Empruntis, the average rate over 20 years went from 1.90% in September to 1.95% in October. Buyers with the best records can obtain a rate of 1.48% before negotiation.
At the Artémis brokerage, prospective buyers can borrow at 1.80% over 15 years, 2.05% over 20 years and 2.14% over 25 years.
Increased wear rate: a short-term breath of fresh air
Barely a few days after the unprecedented spike in attrition rates, this market bubble should be short-lived…
For the 4e quarter of 2022 interest rates have actually marked a significant increase, rising from 2.60% to 3.03% for mortgages between 10 and 20 years and from 2.57% to 3.05% for loans over 20 years or more .
On the other hand, credit rates are back at 2016 levels at a time when interest rates were above 4%. But if usurious rates rise again, lending rates are likely to follow, which will also penalize borrowers.
“Due to the quality of their archive, some borrowers will not be able to obtain an interest rate discount and will therefore quickly find themselves in the same situation as this summer. On the question: the too low difference between the nominal rate excluding costs and the wear rate, all costs included, explains Sandrine Allonier, spokesperson for Vousfinancer.
Sandrine Allonier adds that “it may last until the end of the year. The current interest rate increases will only be taken into account in two and a half months, when the wear rates for the next quarter are recalculated… A situation from which it seems complicated to get out .”
“Now more than ever is the time to get started!” »
In light of the context, “more than ever, it’s time to get started and make your project a reality”, emphasizes Cécile Roquelaure, director of studies at Empruntis. The broker advises to “present a file with significant remaining savings to better negotiate.
With the question of the resource available to the banks, the savings that remain with the borrower, and therefore in the bank’s accounts, will be highly valued. »
Same story with the broker Artémi’s brokerage: “Borrowers must take advantage of this window of opportunity to complete their case”, confirms Ludovic Huzieux, co-founder, the increase in interest rates gives “the opportunity for borrowers to get a loan. »