Financier Krichevsky: amid rising market rates, the benefits of refinancing are declining 
Russians' interest in refinancing programs, both mortgages and loans … This is reported by Izvestia with reference to representatives of banks.
It is noted that the decline in demand for refinancing is observed against the background of a gradual increase in the key rate. It is specified that the reduction in indicators is in the range of 20-40 percent. The Central Bank noted that the share of loans taken for refinancing in the total volume of mortgages peaked in February this year, when its figure was 13.6 percent. In September 2021, it was already 6.6 percent.
As Alexey Krichevsky, an expert at the Academy of Finance and Investment Management, recalled, the refinancing rate depends on the key, as well as on loans in general. The financier noted that the main benefit of on-lending is to improve the conditions for a loan or mortgage, reduce the total amount of debt and monthly payments. However, against the backdrop of rising rates in the market, the benefit from refinancing is decreasing. The Ural Bank for Reconstruction and Development (UBRD) agreed that at present it is profitable for the consumer to reissue loans opened in 2020 only in case of need for an additional amount or a decrease in payment.
Krichevsky added that Russians should not expect a decrease in the base indicator of the Central Bank earlier than the second half of 2022.
In October, the Board of Directors of the Bank of Russia decided on October 22, 2021 to raise the key rate to 7.5 percent per annum.