French Mortgage rates fall to new low of 3.31%
French mortgage rates are starting to spell good news for borrowers, dropping to 3.31% in November. We could see a new record low if this trend continues.
The Housing Credit Bureau (Observatoire Crédit Logement) tracks French mortgage rates and released their monthly mortgage lending report. This decline appears to be a trend, according to the study, with mortgage rates declining 0.06% from October to November alone.
Not surprisingly, the drop in interest rates is more pronounced with existing property (0.71% decrease since February) than with new homes (0.59% decrease since February).
The good news doesn’t stop there; the average length of loan terms is stabilizing after its sharp drop earlier this year. In April, the average loan term went from 214 months to 200 months, raising eyebrows among lenders. In November, the average loan term climbed back to 208, representing a stabilization of the market.
Read more at: Crédit Logement