With a fixed rate of 2.95% over 20 years, the cities of Lille, Marseille and Toulouse remain the cities where you can find the best mortgage rate. The continuing decrease in the available French mortgage rates lead to an increase in property buyers affordability in 6 cities.
In November, the best mortgage rates available have broadly stabilized and only declined in 3 cities out of 10. In Toulouse, Marseille and Lille, it is now possible to obtain a French mortgage at 2.95% over 20 years – subject to certain conditions of age, income and contribution. Now Aubagne and Marseille have got historically low rates particularly for borrowers under 36 years with a 20% deposit.
The first half of the ranking remains the same since mortgage rates are at their lowest. They can now hardly decrease again. In Bordeaux, the best rate decreased by 0.10%. Lyon, rising from 10th to 7th position, saw its 20-year rate decrease by 25 basis points as did Nice, where the best rate offered decreased by 15 basis points to 3.25%, a rate equivalent to what borrowers can expect in Paris. Montpellier is at the bottom of the ranking by offering rates at 3.34% over 20 years. In November, 70% of banks lowered their French mortgage rates. The average rate on 20-year reached 3.55%. Despite the downgrade of France by Moody's, the state continues to borrow at low rates (2.15%). Borrowers should therefore still be able to do so in the coming months.
The recent months respite has been confirmed... Only three cities (Marseille, Nantes and Lyon) are affected by a slight price increase versus six cities before the summer. Elsewhere, even in Paris (however slightly) prices have decreased. In November, investors see their purchasing power increase. For instance in Toulouse, with €1,000 monthly repayment over 20 years, investors can borrow €181,127 compared to €173,192 in June, and so afford an extra 3 square metre moving from 67.7 m2 in June to 70.9 m2.
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