The production of housing loans in France fell from 13.2 billion euros in June to 11 billion euros in July 2026. This decline comes after several months of positive signals, driven by the decrease in rates that began after the peak in January 2024. The mortgage market is going through a phase of uncertainty where indicators contradict each other from month to month.
The average rate for new housing loans rose slightly to 3.18% in July 2026. These figures, published by the French Banking Federation in September 2026, paint a more nuanced picture than the rhetoric about recovery.
Why the recovery of mortgage lending is stalling in 2026
The first five months of 2025 had given reasons to believe in recovery. The gradual decline in the cost of credit since early 2024 had brought borrowers back to the market, with production volumes increasing.
This dynamic has weakened. The French Banking Federation places the production in July 2026 in a zone of weakness compared to previous quarters. The monetary context, with benchmark rates remaining under pressure, is once again weighing on the conditions offered to individuals.
Reducing this decline to a simple seasonal dip would be premature. The slight rebound in the average rate, combined with the drop in volumes, indicates that banks are readjusting their margins. To track these developments month by month, credit-et-immobilier.com news compiles market data and recent analyses.
Personal contribution: the new filter for accessing mortgage loans
The personal contribution has become a sorting lever for banks. According to an analysis published in September 2026 based on data from the Bank of France, the average contribution from borrowers approached 40,000 euros in July 2026.
The Bank of France does not set any minimum contribution threshold. This criterion is examined alongside the rate, duration, guarantee, and financing share. However, institutions use it as an adjustment variable, particularly to offset the rise in rates on their grids.
What this changes for first-time buyers
A first-time buyer household without significant savings faces a double obstacle: rising rates and a higher contribution expectation from lenders. The question of credit accessibility for these profiles is becoming acute.
Field feedback on this point is mixed. Some brokers indicate that applications without contributions continue to be approved, while others observe a clear tightening of banking practices. The available data does not allow for a decisive conclusion between a generalized tightening and localized adjustments.
HCSF rules on mortgage lending: the status quo confirmed
The High Council for Financial Stability has ruled out any adjustment of mortgage lending standards. The maximum debt-to-income ratio remains set at 35% of income, including insurance. The loan duration cannot exceed 25 years (27 years for purchases in VEFA or with significant renovations).
Several players in real estate financing advocated for an increase in this ceiling or an expansion of exemptions. The HCSF maintained its framework, believing it protects borrowers without locking them out of credit access.
- The 35% effort rate includes borrower insurance, which reduces borrowing capacity compared to a calculation excluding insurance.
- Banks retain a margin of flexibility on 20% of their quarterly production, with a portion directed towards first-time buyers and the acquisition of primary residences.
- The maximum duration of 25 years (or 27 years) mechanically limits the amount that can be borrowed when rates rise.
DPE and rental investment: what changes for financing in 2027
The energy performance diagnosis will be recalculated based on a technical parameter. The conversion coefficient for electricity will drop from 1.9 to 1.7. The DPEs conducted in 2026 can be automatically updated via the Ademe DPE Observatory, without a new visit from the diagnostician.
This recalculation could push a significant number of properties out of the “thermal sieve” category.
Impact on credit decisions
For rental investors, the DPE class increasingly weighs in the purchasing decision. A property classified as F or G will be banned from rental in the future, which degrades its rental value and complicates obtaining a loan.
With the new coefficient, some properties could be reclassified in category D or E, becoming financeable again within the framework of a rental project. Buyers are now integrating the DPE as a negotiation lever for the price, which alters the structure of credit applications submitted to banks.
The mortgage credit market remains caught between signals that do not converge. Monthly production fluctuates, rates are rising again after a long period of decline, and the HCSF’s prudential rules remain unchanged. The next shift will depend as much on monetary policy decisions as on the evolution of the DPE and its concrete effects on the rental stock.
