Could a loan refused a few months ago be accepted today? Since the July 1, 2026the usury rate applicable to fixed-rate real estate loans of 20 years and over reaches 5.29%against 5.19% in the previous quarter. This legal ceiling, set each quarter by the Banque de France, corresponds to the average effective rate practiced by credit institutions in the previous quarter, increased by a third.
This increase therefore gives a little margin to the banks. Because the rate of wear not only compared to nominal credit rate : this is the APRwhich notably includes interest, certain fees as well as the cost of insurance and guarantees when they condition the obtaining of the loan, which must not exceed this ceiling. “The higher this ceiling goes, the more margin we have between the rate actually offered by the bank and the legal threshold”explain Élodie Jaffre, real estate loan broker at Pretto.
Seniors among the first beneficiaries
This increase can especially benefit borrowers whose insurance significantly increases the cost of financing. “Clearly, those whose APR is increased by borrower insurance: seniors, people with an increased health risk, or those with a profession deemed to be at risk by insurers”explains Élodie Jaffre.
The broker cites the case of a couple in their fifties who nevertheless have a solid file: a contribution greater than 55% of the amount borroweda low debt rate and a comfortable lifestyle. But their age increased their insurance enough to cause the APR to exceed the ceiling then applicable. “At the time, I couldn’t even put together the file: it was refused in advance, only because of this ceiling”she says.
With the new usury rate, their situation has changed. “Their APR is now on target, without anything having changed in their financial situation”continues the broker. A revealing case of the effect of the increase in the ceiling on certain marginal files.
Good news to put into perspective
However, one should not confuse increase in the usury rate and reduction in the cost of credit. This ceiling being calculated from the rates actually applied in the previous quarter, its rise also reflects the increase in financing conditions. In other words, the ceiling rises and can avoid certain regulatory refusals, but borrowers do not necessarily gain real estate purchasing power.
“A higher usury rate makes it easier to access credit on paper, but it doesn’t change the real cost of the loan, nor the household’s ability to repay”underlines Élodie Jaffre. The monetary context has also hardened: the BCE raised its three key rates by 25 basis points in June 2026before keeping them unchanged on July 23.
The wear rate is no longer the main obstacle
For most would-be buyers, the main obstacle now lies elsewhere. “The wear rate has hardly been an obstacle in practice for a while now. The real obstacle is the debt rate, the remainder of life and the personal contribution”notes the broker.
THE High Financial Stability Council (HCSF) sets in principle a maximum effort rate of 35%, insurance included, as well as a maximum credit duration of 25 years, excluding certain deferrals. Banks may, however, deviate from these criteria to 20% of their quarterly production of new real estate loansa flexibility mainly reserved for purchases of primary residences.
A higher usury ceiling therefore does not make a household solvent whose monthly payments are already too high in relation to its income. It will also not compensate for a remaining amount deemed insufficient or a file that the bank considers too risky.
An old refusal deserves to be revisited
For “standard” borrowers, the effect should therefore remain limited. But when a file has been refused because its APR slightly exceeded the usury ratethe new situation may justify knocking again on the doors of the banks.
“Do not trust a refusal several months ago: the rules of the game have changed”advises Élodie Jaffre. It is still necessary to precisely identify what caused the refusal. If the wear rate was in question, its recovery can unlock the financing. If the problem came from debt, remaining income or contribution, the transition to 5.29% will not change anything in the equation.
