Prime Minister of the Russian Federation Dmitry Medvedev, at a meeting on achieving Russia's national development goals in the economy and housing sector, recalled that
mortgage interest rates must decline to reach below 8 percent by 2024. At the same time, the number of loans issued annually should be increased by one and a half times.
As Medvede noted,
mortgage lending plays an important role in the field of housing construction. At the same time, it is necessary to increase the construction of residential real estate in the country in order to fulfill the national project "Housing and the urban environment." According to him, the average level of
mortgage rate this year should be 8.9 percent per annum. By 2021, the rate is planned to be reduced to 8.5 percent, and to 7.9 percent by 2024.
At a meeting on June 14, the Board of Directors of the Central Bank reduced the key rate by 25 bp to 7.5 percent per annum. According to Central Bank Chairman Elvira Nabiullina, until the end of 2019, the Bank of Russia allows both one and two cuts in the key rate.
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