French Mortgage Rates in November 2026: Trends and Forecasts

Mortgage rates in France are rising again in November 2026. The lowest 10-year rate is up 0.24 point in a month, the other terms are up 0.08 to 0.10 point, and the French 10-year government bond yield (OAT) crossed the symbolic 5% threshold on October 21, a first since July 2002. Should you rush to secure financing, or does the French real estate market still leave some room? This article details French mortgage rates for November 2026 by term (lowest rate, average rate and market scale rate), explains why they are climbing, places the move in the context of the French rate history since January 2025, and offers scenarios and practical advice for buyers and sellers in France. For a personalised analysis, a Capifrance advisor can support you.

In plain terms: borrowing rates in France are edging up, which slightly reduces the amount you can borrow to buy, and encourages you to set a realistic asking price if you are selling.

Summary

• French mortgage rates in November 2026:lowest rate from 2.88% (10 years) to 3.35% (25 years); average rate from 3.20% to 3.59%; market scale rate from 3.48% to 3.98%.
• The trend:best rates are up (+0.08 to +0.24 point) and average rates are up (+0.05 to +0.12 point) versus October, while the banks' catalogue scale remains stable.
• Factors to watch:the French 10-year OAT above 5%, the European Central Bank (ECB) hike in September (deposit rate at 2.50%), eurozone inflation, French public finances and the usury rate.
• Our recommendation:have your simulation updated, build your file without delay and make banks compete, ideally with the help of a mortgage broker or your Capifrance advisor.

French Mortgage Rates in November 2026: Figures by Loan Term

The barometer distinguishes three families of rates in the French market. The lowest rate corresponds to the best offers obtained by strong profiles, the average rate reflects the national average observed, and the market scale rate corresponds to the banks' catalogue conditions.

In plain terms:the lowest rate is the one given to very solid files (good down payment, stable income); most borrowers will get something closer to the average rate; the scale rate is the "shop window" price, which good files rarely pay.

10-year mortgages in France: the biggest rise of the month

The best rate moves from 2.64% in October to 2.88% in November (+0.24 point) and the average rate from 3.08% to 3.20% (+0.12 point). This is the most sensitive term: French banks first cut discounts on short loans, which are closest to the 10-year OAT. The scale rate stays at 3.48%.

In plain terms:on a 10-year loan, banks have reduced the discount granted to the best files: if you are aiming for this term, expect a slightly higher monthly payment than in October.

15-year mortgages: a contained increase

The best rate gains 0.08 point (3.00% versus 2.92% in October) and the average rate 0.05 point (3.28% versus 3.23%). The scale rate is unchanged at 3.71%.

In plain terms:the rise is small and its effect on your monthly payment remains very limited.

20-year mortgages: the benchmark term average rate passes 3.50%

The lowest rate moves from 3.10% to 3.20% (+0.10 point) and the average rate from 3.42% to 3.51% (+0.09 point). For a €200,000 loan over 20 years, the monthly payment excluding insurance goes from about €1,152 to €1,161 at the average rate, roughly €9 more per month. The scale rate stays at 3.84%.

In plain terms:for €200,000 borrowed, that is about €108 more per year.

25-year mortgages: 3.35% for the best files

The best rate moves from 3.25% to 3.35% (+0.10 point) and the average rate from 3.53% to 3.59% (+0.06 point). The scale rate stays at 3.98%.

In plain terms:this term gives the lowest monthly payments, but also the highest total cost of credit, because you pay interest for longer.

The gap between the lowest rate and the market scale rate is narrowing: it ranges from 0.60 point on 10 years to 0.71 point on 15 years (0.64 point on 20 years and 0.63 point on 25 years), compared with 0.73 to 0.84 point in October. In practice, French banks are reducing their commercial discounts rather than changing their catalogue scale. This trend remains to be confirmed over the coming weeks.

In plain terms:even though the posted scales have not moved, a good file gets a less attractive rate today than in October; negotiating and comparing offers nevertheless remains worthwhile, with a 0.60 to 0.71 point gap between the best rate and the scale rate.

French Mortgage Rate Trends over 6 Months and 1 Year

Compared with May 2026 and November 2025, the best rates show the following change.

The increase has been gradual since the spring: it began after the ECB's rate hike in June, paused in August and September with a slight easing, then resumed in November. Over one year, the longest terms are the most affected (+0.21 point on 20 years, +0.30 point on 25 years). The move nevertheless remains moderate compared with the sharp swings of 2022-2023: at the 2023 peak, the average 20-year rate in France exceeded 4%. The January 2025 levels (3.31% on 20 years, 3.40% on 25 years) are no longer very far away.

In plain terms:borrowing over 20 years now costs about €20 more per month for €200,000 than in May, and the rise remains far below that of 2022-2023.

Why French Mortgage Rates Are Rising in November 2026: The Analysis

The French 10-year OAT passes the 5% mark

This is the decisive factor. The yield on the French 10-year government bond reached 5% on October 21, 2026, for the first time since July 2002, then climbed to around 5.1% the next day. It stood at about 3.60% in early January and about 4.10% in mid-August. The gap with the German Bund yield exceeds 160 basis points, a sign of a higher risk premium on French debt. French banks use the OAT as a benchmark for their refinancing cost: its rapid rise leads them to tighten their lending conditions.

Unusually, 20-year mortgage rates in France are currently more than one point below the OAT, whereas they are normally above it. Banks have therefore trimmed their margins to keep lending, which cannot last indefinitely: the catch-up comes through reduced discounts, which can be seen in the November best rates.

In plain terms:the OAT is the rate at which the French government borrows. When the State borrows at a higher cost, banks also pay more for the money they lend you and eventually pass the increase on to households, with a delay. For now, they are absorbing part of the rise, but not indefinitely.

A European Central Bank that raised rates in September

After the June hike and the July pause, the European Central Bank (ECB) again raised its three key rates by 0.25 point on September 10, 2026: the deposit rate is at 2.50%, the main refinancing rate at 2.65% and the marginal lending rate at 2.90% since September 16. The Governing Council meets again on October 29: a pause is widely expected, but several economists do not rule out a final hike in December, depending on inflation forecasts. ECB decisions influence banks' funding costs and short-term rates, with a more indirect effect on fixed-rate loans.

In plain terms:the ECB is the bank of banks: when it raises its rates, money costs banks more, and they in turn lend at a higher price. A pause on October 29 would be good news, but not a guarantee that rates will stop rising.

Inflation, energy and geopolitical tensions

Eurozone inflation rose to 3.3% in August 2026 (2.9% in July), driven by energy prices amid tensions in the Middle East. This pressure on prices feeds expectations of higher rates for longer and explains the ECB's caution.

In plain terms:when prices rise quickly, interest rates tend to stay high for longer, which weighs on the cost of your loan.

French public finances and the 2027 budget

High debt, a deficit close to 5% of GDP, the 2027 budget discussions and the risk of a credit rating downgrade (the agency Moody's maintains a negative outlook) weigh on investor confidence. When the French State's borrowing cost rises, that of banks follows, with a variable lag.

In plain terms:the more investors doubt the soundness of the State's accounts, the more yield it must offer them, and this cost ends up in the rate of your mortgage.

Usury rate and banks' commercial strategy

The usury rate (the legal maximum rate in France) is set at 5.40% in the fourth quarter of 2026 for fixed-rate loans of 20 years and more. It applies to the APR (TAEG), including insurance and fees: a file with expensive insurance can therefore be blocked before even reaching this ceiling. On the banks' side, the preparation of 2027 production targets (which starts as early as November) should limit the speed of the increase, as mortgage lending remains a flagship product for winning new customers.

In plain terms:the usury rate is the maximum legal rate: if the total cost of your loan (interest, insurance and fees) exceeds it, the bank cannot grant you the credit. Hence the value of also comparing the price of insurance. In addition, banks have an interest in continuing to lend, which limits the rise.

Monthly Change in the Best French Mortgage Rates from January 2025 to November 2026

The table below shows the best rates observed month by month in France, completed with November 2026.

Chart: change in the best French mortgage rates (January 2025 – November 2026)

Best rates observed by term in France. Sources: Cafpi, Observatoire Crédit Logement and Banque de France for historical benchmarks.

The chart confirms that the curve has remained moderate since January 2025: rates fluctuate within a range of 0.50 point at most for each term. The November rebound is most visible on 10 years, where the rate comes within two hundredths of a point of the July 2026 high (2.90%).

In plain terms:rates have not soared, but the trend has turned upward again after a rather calm summer.

Forecasts for French Mortgage Rates: Three Scenarios for End of 2026 and Early 2027

French credit professionals agree on the direction of travel, less on its scale. According to the broker Vousfinancer, average rates could approach 4% on 20 years by the end of 2026 (on its own series, which shows 3.70% today) and 4.50% in March 2027; the Allianz Trade economist quoted by AFP mentions "rates above 4% by the first quarter of 2027". These figures rely on calculation methods different from our barometer and are not directly comparable. Here are our three scenarios, based on the Capifrance barometer rates.

Optimistic scenario: bond market easing

The French 10-year OAT falls back below 4.5%, the ECB stays on pause and banks maintain their discounts. The lowest 20-year rate stays between 3.10% and 3.25% and the average rate between 3.40% and 3.55% until the end of the year.

In plain terms:rates stay roughly stable, which benefits buyers.

Realistic scenario: gradual increase

The OAT stabilises around 5%, and the ECB pauses or makes one last adjustment in December. The lowest 20-year rate reaches 3.30% to 3.50% and the average rate 3.60% to 3.80% at the end of 2026, with a gradual rise of the catalogue scale from December or January. This scenario revises the 3.2% to 3.5% range for the average 20-year rate that we mentioned in September, already exceeded in November.

In plain terms:rates keep rising slowly: you should not wait too long if your project is ready.

Pessimistic scenario: pressure on debt and monetary tightening

The OAT settles durably above 5.25% and the ECB raises its rates again. The average 20-year rate approaches 3.90% to 4% and the best rates exceed 3.60%, with an increased risk of files blocked by the usury rate.

In plain terms:borrowing would become significantly more expensive and some files could be refused, even solid ones.

These projections are indicative. They depend on unpredictable market factors and are not a commitment.

What the Rise Changes for Your Budget in France

With a monthly payment of €1,250 over 20 years (excluding insurance), borrowing capacity goes from about €217,000 at October's average rate (3.42%) to about €215,300 at November's average rate (3.51%), about €1,700 less. If rates gain another 0.25 point, it falls to about €210,600, nearly €4,700 less than in October. The effect on the monthly payment is modest, but it adds up month after month at the pace of the increase.

In plain terms:with November's rates, you can borrow about €1,700 less than in October for the same monthly payment, meaning a slightly cheaper property or a slightly larger down payment. If the rise continues, the gap widens.

For a landlord-investor in France, the effect is more visible on cash flow. Example: purchase at €250,000, down payment of €50,000, loan of €200,000 over 20 years at the 3.51% average rate (monthly payment of about €1,161), rent of €1,100 and charges of €250: gross cash flow is -€61 per month and net cash flow -€311. With rent of €1,400, gross cash flow becomes positive at €239 per month. The rent level and the down payment therefore weigh more than a few hundredths of a point of interest.

In plain terms:for a rental investment, the amount of rent and down payment matters more than small variations in rates; do your calculations before committing.

Our Advice for Buyers in France

• Have your simulation updated:check that the property you are targeting remains within your budget with November's rates, insurance included.
• Watch the APR (TAEG) and the usury rate:always compare the APR, and plan for borrower insurance delegation (Lemoine law), which can make the difference in staying under the ceiling.
• Strengthen your file:down payment, income stability, debt-to-income ratio under 35%, no banking incidents. The best profiles continue to obtain conditions clearly more favourable than the average rate.
• Make banks compete:a broker or your Capifrance advisor can negotiate several offers and secure a rate before any further rise. A loan offer remains valid for at least 30 days: it is a way to lock in the rate while the purchase is being finalised.
• Look into the PTZ:the zero-interest loan (Prêt à Taux Zéro) remains a lever for eligible first-time buyers in France, and the 2027 finance bill mentions further changes.

Our Advice for Property Sellers in France

Rising rates reduce buyers' borrowing capacity: a property priced too high compared with the French market will have more difficulty finding a buyer. Set a consistent price from the start by having your propertyvaluedby a Capifrance advisor, who knows the real prices in your area. For a sale followed by a purchase, plan the financing of your next property with a bridge loan or a secured sale, without waiting for a possible further rise. Your buyers also need a solid financing file: favour candidates who already have an agreement in principle. You can also browseproperty listingsto position your property on the local market, orfind a local real estate advisornear you.

In plain terms:if you are selling, your buyers can borrow a little less than before: a property listed at the right price will sell faster than an overpriced one.

Conclusion

• In November 2026, the lowest French mortgage rate ranges from 2.88% (10 years) to 3.35% (25 years), the average rate from 3.20% to 3.59% and the scale rate from 3.48% to 3.98%.
• The month's rise (+0.08 to +0.24 point on the best rates) follows that of the French 10-year OAT, which has passed 5%.
• The ECB (deposit rate at 2.50%), inflation and French public finances remain the factors to follow, with an ECB meeting on October 29.
• Our realistic scenario points to a gradual rise until the end of the year, without a return to 2023 levels.
• Update your simulation, optimise your file and contact a Capifrance advisor for support, with the possibility of being put in touch with a broker.

The rates presented in this article are indicative; consult your bank or advisor for a personalised offer. A loan is a commitment and must be repaid: check your repayment capacity before committing.

FAQ

What is the average mortgage rate in France in November 2026?

The average rate is 3.20% over 10 years, 3.28% over 15 years, 3.51% over 20 years and 3.59% over 25 years. The lowest rate ranges from 2.88% to 3.35%, and the market scale rate from 3.48% to 3.98%.

Why are French mortgage rates rising in November 2026?

Mainly because the French 10-year OAT crossed 5% on October 21, a first since 2002, which makes bank refinancing more expensive. Added to this are the ECB's rate hike in September, eurozone inflation and concerns about French public finances.

Will rates keep rising before the end of the year?

A gradual rise is the most likely scenario, as banks are still trimming their margins. Its scale will depend on the OAT and the ECB. Some brokers mention average rates close to 4% over 20 years at the end of 2026, based on their own measurement.

Should I borrow now or wait?

Waiting for a rapid fall seems unlikely in the current context. If your project is ready, securing your financing by making banks compete is generally prudent. Each situation is different: your Capifrance advisor can help you decide.

Can the usury rate block my mortgage application in France?

Yes. The 5.40% ceiling (for fixed-rate loans of 20 years and more in the fourth quarter of 2026) applies to the APR, insurance and fees included. Expensive borrower insurance can push you over the ceiling: compare offers and delegate your insurance if necessary.

Does the rise affect all loan terms in the same way?

No. On the best rates, November's rise is +0.24 point on 10 years, +0.08 point on 15 years and +0.10 point on 20 and 25 years. The catalogue scale remains stable on all terms.

Sources (in French):European Central Bank, monetary policy decisions of September 10, 2026;MySweetimmo, October 22, 2026;Meilleurtaux, October 22, 2026;Boursorama, October 26, 2026.

Author:Frédéric Rémy - Sales Performance Director

A real estate professional for several years within the Capifrance network, I want to share essential advice with you to help you succeed in your real estate project with our advisors.