Cryptography based on error correction codes has gained significant interest due to its ability to provide security against both classical and quantum adversaries. In 2025, the U.S. National Institute of Standards and Technology selected the Hamming Quasi-Cyclic (HQC) key encapsulation mechanism for standardization. A key aspect of HQC is the possibility of decryption failures, which reveal information about the private key. To address this issue, the HQC authors developed a probabilistic model for the decoding failure rate (DFR) of the underlying error-correcting code, and adjusted the cryptosystem parameters to thwart attacks based on decryption failures. However, the DFR model relies on the assumption of independence between coordinates of the error vector, which does not hold in HQC. This approximation yields conservative DFR estimates in regimes where failure probabilities can be simulated, and it is hypothesized to remains conservative for cryptographic-grade parameter sets. In this work, we eliminate the independence assumptions and derive a new closed-form DFR model for HQC. We demonstrate that the previous approximation remains conservative in the cryptographic regime and that HQC's current decoding failure rates are lower than the required ones. We describe optimization techniques that enable our probabilistic model to serve as a parameter-tuning tool, and demonstrate how the size of HQC public keys and ciphertexts can be slightly reduced without compromising security.