Although still very low, mortgage rates had been rising for 4 months. In November, rates fell again, averaging 2.2% excluding insurance, compared with 2.22% in October. This trend mainly affects 15- and 25-year mortgages.
The fall is due in particular to the fact that the OAT, France's 10-year borrowing rate, fell by 0.9% over the last month. Borrowers are taking out their loans on better terms than at the start of the year, despite an increase of 0.2% between June and October.
The average rate for a 25-year loan fell from 2.71% to 2.68% in November. The best deals saw a rate of 2.29%, while there was no real change for 20-year loans.
Loans taken out for 15 years also benefited from this downward trend, with an average rate of 2.07%, ranging from 1.78% for the best deals to 2.40%.
In November, the average borrower took out a loan for 17.5 years. The end of the year confirms the upturn in activity that began in September, with the number of loans increasing by 22.3% year-on-year. 2016 should get off to a good start if we combine these very low rates with the arrival of new provisions boosting the zero-rate loan from 1 January.
