Head of the Ministry of Construction of the Russian Federation Faizullin: the average mortgage rate may exceed 8 percent By the end of 2021, the average mortgage rate may exceed 8 percent, said a member of the government, Minister of Construction and Housing and Utilities Irek Fayzullin, RIA Novosti reports.
“Rates are growing. Perhaps this year the average rate will go over 8 percent, ”the head of the Ministry of Construction warned. Commenting on the dynamics of the cost of mortgages, the minister noted that the work on providing housing to privileged categories of citizens will continue.
He also said that the rise in housing prices has not yet affected its demand, the level of demand for residential real estate is higher than level of supply.
The National Project “Housing and Urban Environment” provides for a reduction in the average mortgage rate to 8 percent by 2024. According to the passport of the national project, in 2019 the average mortgage rate was supposed to be 8.9 percent, in 2021 – 8.5 percent, by 2024 – 7.9 percent.