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French mortgage rates hit record low level amid competition, ECB policy

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French mortgage rates hit record low level amid competition, ECB policy

Mortgage rates in France fell to their lowest level ever in May due to competition between French banks and the ECB's low-interest-rate policy, French mortgage analysis group Observatoire Crédit Logement CSA, said in its monthly mortgage report on June 4.

The average mortgage rate was 1.29% in May, lower than a previous record of 1.33% in November 2016.

French mortgages are generally fixed rate, and low interest rates have led to a wave of renegotiations and fierce competition.