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The average mortgage loan in Russia hit a new all-time high

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The average mortgage loan in Russia hit a new all-time high

The average loan for mortgage increased by 0.3 percent in March and reached a new all-time high of 3.14 million rubles.

As part of anti-crisis measures, last spring the government launched a preferential mortgage program at 6.5 percent. At the same time, the Bank of Russia lowered the key rate. In July, the key rate reached a historic low of 4.25 percent per annum (now it has already been increased to 5 percent). Against this background, the average rate on mortgage dropped to 7.36 percent by the end of the year.

support market mortgage lending, which experienced a recession in April-May last year, began to recover at a faster pace than other types of lending. As a result, the average monthly growth rate of mortgage lending for the period June-December last year amounted to 15 percent. At the same time, growth in consumer loans amounted to a more modest 11 percent.

Considering the future reduction of the state support program for mortgage lending, the average loan amount for purchase of an apartment will continue to grow slightly and may approach 3.3 million rubles. began to recover at a faster pace compared to other types of lending. As a result, the average monthly growth rate of mortgage lending for the period June-December last year amounted to 15 percent. At the same time, growth in consumer loans amounted to a more modest 11 percent.

Considering the future reduction of the state support program for mortgage lending, the average loan amount for purchase of an apartment will continue to grow slightly and may approach 3.3 million rubles. began to recover at a faster pace compared to other types of lending. As a result, the average monthly growth rate of mortgage lending for the period June-December last year amounted to 15 percent. At the same time, growth in consumer loans amounted to a more modest 11 percent.

Considering the future reduction of the state support program for mortgage lending, the average loan amount for purchase of an apartment will continue to grow slightly and may approach 3.3 million rubles.
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