The dispersion of rates between banks has significantly reduced over the past two years. According to the French Banking Federation, the average rate for new home loans dropped from a peak of 3.59% in January 2024 to 3.10% in March 2026, with a relatively uniform decline across institutions. In this context, comparing only the displayed rates is no longer sufficient to identify the best mortgage.
Disposable income and the 35% rule: the game-changing criterion for mortgage credit
The proposed law on the official consideration of disposable income in granting mortgage credit could profoundly change the logic of comparison between banks. Currently, the standard set by the High Council for Financial Stability caps the debt-to-income ratio at 35% of income. This threshold, applied mechanically, penalizes high earners whose actual repayment capacity far exceeds this ratio.
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If disposable income becomes an official criterion, some banks may grant loans beyond the 35% debt ratio to profiles previously excluded. We are already seeing that a few institutions are using the leeway allowed by the HCSF to finance these cases, but in a discretionary manner.
The stakes for the borrower then change in nature. The question is no longer “which bank displays the lowest rate over 20 years?” but “which bank lends me the amount I need, considering my actual disposable income?”. For the same profile, the difference in borrowing capacity between two banks can amount to tens of thousands of euros, a gap much more significant than a few basis points of rate.
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Conducting a comparison of mortgage rates between banks remains a starting point, but we recommend systematically adding a simulation of the financeable amount, which varies according to each institution’s risk policy.
Mortgage rates by bank in 2024: reduced gaps but divergent strategies
The gap between the lowest rate and the market benchmark rarely exceeds 60 to 80 basis points. CAFPI data from May 2026 illustrates this compression: over 25 years, the lowest negotiated rate is at 3.20% compared to a market benchmark of 3.98%. Over 20 years, the figures are 3.05% and 3.84%, respectively.
This range, which seems significant at first glance, shrinks considerably when filtered by borrower profile. A file with a substantial down payment and stable income will receive converging offers from most national banks. In May 2026, Boursorama and Société Générale stand out among the institutions displaying the lowest rates.
What truly differentiates banking offers
The relevant comparison hinges on parameters that public barometers do not capture:
- The discount policy on borrower insurance: some banks accept the delegation of insurance without friction, while others apply an implicit surcharge by raising their nominal rate to compensate for the loss of margin on group insurance.
- Processing and guarantee fees, which can vary from simple to triple depending on the institution and impact the final APR well beyond the nominal rate difference.
- Flexibility on the modulation of payments (deferment, upward or downward modulation), an underestimated lever on a 20 or 25-year loan.
- The treatment of variable income: bonuses, rental income, BIC/BNC. Two banks can arrive at very different borrowing capacities on the same file simply by their method of calculating the accepted income.
Rate increases ahead: why compare now rather than wait
Several analysts, including Euodia, anticipate a rise in rates as early as June 2026. The 10-year OAT, a benchmark for setting bank rates, shows signs of tension. Banks adjust their grids with a delay of a few weeks compared to bond market movements.
Waiting for a hypothetical further drop exposes one to an asymmetric risk. If rates rise by 20 to 30 basis points, the additional cost over the total loan duration cancels out several months of negotiation. We observe that the best rates negotiated at the moment are around 3% over 20 years, a level that is not guaranteed in the second half of the year.
Negotiating the loan rate: concrete levers
The displayed rate is just a starting point for negotiation. Having your income domiciled, subscribing to ancillary products (home insurance, savings) or presenting a contribution above the market average can save between 10 and 30 basis points depending on the institutions.
Using a broker remains relevant in a market with low dispersion. Not to “find the lowest rate” (the difference is measured in a few basis points), but to identify the bank whose risk policy best matches the profile of the file. A broker can also expedite processing, a real advantage when processing times lengthen during market recovery.
Total cost of mortgage credit: beyond the nominal rate
A borrower who only compares nominal rates misses the reality of the cost of their loan. The APR includes the rate, insurance, processing fees, and guarantee fees, and it is the only legally comparable indicator between two offers.
On a loan of 200,000 euros over 20 years, a difference of 0.15 points in nominal rate represents a moderate gap. In contrast, the choice between a bank group insurance and an external insurance delegation can significantly alter the total cost, especially for borrowers over 40 or those with health risks.
The real comparison between banks in 2024 and 2026 thus focuses on three simultaneous axes: the negotiable nominal rate, the amount actually financeable according to the profile, and the total cost including all ancillary fees. Focusing on just one of these axes means optimizing one variable at the expense of the other two.