The Russian mortgage lending market continues its record growth. In November this year, loans were issued for the purchase of housing in the amount of about 300 billion rubles, which is 29 percent more than in November last year. In December, the volume of mortgage loans continues to grow.
According to preliminary estimates, over the eleven months of 2018, banks issued mortgage loans totaling 2.67 trillion rubles. In October, a record was set in terms of issuance - plus 40.7 percent compared to October last year. According to the National Bureau of Credit Histories, in the third quarter of the year, the average size of a mortgage loan in Russia amounted to 2.19 million rubles, an increase of 10.2 percent (or 203.3 thousand rubles) compared to the same period last year.
According to analysts, The decision of the Central Bank to raise the key rate from 7.25 to 7.5 percent, taken in September, began to be reflected in mortgage rates only from December. Since previously approved loans are issued at the old rates, and the approval of the bank is valid for three months, in November, the Russians were able to get a loan at a lower interest rate. The December rate increase to 7.75 percent will only start to affect the market in January.
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