End of the exceptional regime for the usury rate. The latter corresponds to the maximum level at which banks are authorized to grant a loan, including the nominal rate, application fees, insurance and guarantee costs. In December, it stood at 6.11% for property loans over twenty years or more – a level not seen since 2010 – compared to 3.57% last January.
This increase actually hides good news. Since February 1, 2023, the usury rate has been recalculated every month by the Banque de France, and no longer on a quarterly basis as was previously the case. Initially scheduled until July 1, this measure was finally extended until the end of the year.
The monthly revision made it possible to remove one of the market blockages caused by the violent rise in credit rates, in the wake of that of the European Central Bank’s key rates. “Certain banks had left the game because the usury rate was too low to allow them to lend while preserving their margins,” relates Sandrine Allonier, director of studies at Vousfinancer. They have been back since September thanks to the increase in this ceiling .”
From January 2024, it will be revised again every quarter. “This return to normal comes at a time when the rise in rates is slowing down,” notes Cécile Roquelaure, director of studies at Empruntis. “This will therefore have no impact on the market.” A reassuring outlook as the conditions for granting credit have been slightly relaxed.