The rise in mortgage rates continues in May, the more market recovery expected for the 3rd quarter

The wear rates were set by the Banque de France at 4,52% for terms of 20 years and over, and at 4.33% for terms of 10 to 20 years, respectively increasing by 28 and 34 basis points compared to the previous month.

The mortgage market will therefore remain tight this month, but our banking partners are hoping for an at least partial recovery in their activity in Q3 or even Q4. A few banks, few in number, are lifting some of their restrictions.

In addition, rate spreads between credit institutions are shrinking. Thus, a regional bank which charged very attractive rates until April decided to suddenly raise its rates (+0.60) to align with those of its competitors.

This new rise in rates reinforces the tension on the mortgage market and further deteriorates the borrowing capacity of households. Thus, compared to the month of April, it is necessary to earn nearly €100 more monthly to borrow €300.000 over 20 years in May, according to our study. If we compare these rates to those practiced in May 2022, it is necessary to earn around €800 more per month to borrow €300.000.

For Pierre Chapon: “Once again, the rate hikes follow the increase in usury, proof that the banks have still not regained their financial equilibrium. Under these conditions, mortgage loan volumes remain weak. However, our partners hope for a gradual reopening of the valves from T3. It is high time that the reflections in progress concerning a controlled relaxation of the rules of granting lead to resolvabiliser some of the purchasers excluded from the access to the mortgage. »