The average mortgage rate fell to a new historical low

Средняя ставка по ипотеке снизилась до нового исторического минимума

The average mortgage rate fell to a new historical low

The average rate on mortgage in Russia began to decline again in July and fell by 0.22 percentage points over the month, setting a new historical low in 7.28 percent.

In May, the average rate on mortgage in Russia fell immediately by 0.9 percentage points - to a new historical low of 7.4 percent. The head of the Central Bank, Elvira Nabiullina, then explained this fall with a new preferential program for purchase of apartments in new buildings at 6.5 percent. A third of all loans for the month were issued under a preferential program.

However, in July, the average rate for mortgage increased, for the first time since April last year - by 0.1 percentage points, to 7.5 percent. The Central Bank then explained this by the actions of individual market participants.

In 2020, the Bank of Russia reduced the key rate several times. The last time the regulator reduced it in July, by 0.25 percentage points, to 4.25 percent per annum, updating the historical minimum.

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The average mortgage rate fell to a new historical low