The latest barometer from the Housing Credit Observatory / CSA shows that in the third quarter of 2021, the average personal contribution rate was nearly 31% higher than its level in the fourth quarter of 2019.

Mortgage rates are still low. In its latest barometer published on Tuesday, the Housing Credit Observatory / CSA notes that the average rate fell by 20 basis points between June 2020 and April 2021, and has remained stable since. “Thus, after settling at 1.15% in December, it remained at 1.05% in September, the lowest level ever seen so far.” In detail, in September, it stands at 0.87% over 15 years, 0.99% over 20 years and 1.16% over 25 years.

The average duration remains at a high level. It is 233 months (19.4 years) against 230 months in the 2nd quarter of 2021. “The average duration which increased from the beginning of summer 2020 makes it possible to absorb the consequences of the rise in house prices which strengthens over the months and keep the effort rates below the 35% threshold, ”notes the Observatory.

Increase in the contribution rate

Despite this good news, the implementation of the recommendation of the High Financial Stability Council (HCSF) of December 2019, then the confirmation of its orientations by the recommendation of December 2020 and its transformation into binding legal standards in September 2021, have put an end to several years of decline in personal contribution rates. “This decline had made it possible to boost the real estate markets, including that of the old one, as no public support system had made it possible to do in the past”, specifies the Observatory.

He deplores: “The rise in the contribution rates observed for more than a year is therefore weighing on the dynamism of the loan market and hinders the realization of real estate projects fed by a large number of households. In the third quarter of 2021, the rate of average personal contribution was thus nearly 31% above its level in the fourth quarter of 2019, the lowest point observed so far “. It is thus gradually reaching the high levels observed in the mid-2010s.

And this trend is accelerating. The level of personal contribution increased by 12.4% over the first nine months of the year (compared to the same period of 2020), after already an increase of 11.3% over the whole of 2020 compared to 2019. The apparent personal contribution rate on the entire old market thus reached 19.5% of the price in the third quarter of 2021, against 17.8% a year earlier. On the new home market, the average personal contribution rate is a little lower (17.4%) but is also increasing (it was 16.4% in the third quarter of 2020).

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