the Average rate on mortgages continues to decline, according to the HOUSE.Of the Russian Federation. On June 9, the 15 largest banks offer loans for housing in new buildings by an average of 8,48% (-0,04 percentage points by the end of may), the finished housing under 8,72% (-0,03 p. p.), for refinancing under 8,57% (-0,04 PP). This is the lowest value in 2018, says the company.
the Actual mortgage rates for new buildings are now below market, because there are several mortgage programs with state support. In may they accounted for more than 50% of the total volume of mortgages for new housing. Under the criteria of preferential mortgage at 6.5% fall almost all sales in new buildings of St. Petersburg, Moscow and Leningrad regions, more than 60% in Moscow and 80% in other regions of the country.
this proposal banks on subsidized programs even lower than promised in state programs: the average rate on the program of 6.5% is of 6.16%, according to the family mortgage – 4.87%, the far East is 1.82%. With these programs, the weighted average rate in the primary market will fall in this year relative to rates in the secondary market at 1-1,5 percentage points, considered in the HOUSE.Of the Russian Federation. This will facilitate the reallocation of demand of citizens in favor of new housing. Interest in the “secondary housing” will remain in buyers wanting to move to a specific area where there are no buildings, and also those who buy housing at the same time selling the old apartment.
Earlier, the Director General of the HOUSE.Vitaly Mutko said that the mortgage rate may fall below 8% by the end of this year. In the national project “Housing and the urban environment” reducing interest rates below 8% is planned for 2024.
