TASS: mortgage rates for basic programs have increased in Russia
Large Russian banks have increased mortgage rates for basic programs by an average of 0.4 -1 percentage point. This is reported by TASS with reference to the data of banks and the marketing agency Marcs.
In November, mortgage rates were raised by such banks as VTB, Sberbank, Rosselkhozbank and Raiffeisenbank. Since November 15, mortgages for VTB clients have become 0.7 percentage points more expensive – the rate will be 9 percent. Sberbank raised rates to 8.8 percent (plus 0.4 percentage points) on mortgages for new buildings and to 9.1 percent (plus 0.6 percentage points) on mortgages for secondary housing. Mortgages for finished housing rose from 8.1 percent to 8.7 percent. In Rosselkhozbank, rates on basic programs for primary real estate increased by 0.7-0.9 percentage points, and for secondary – by 0.45-0.7 percentage points. Raiffeisenbank raised mortgage rates by 0.4-1 percentage points.
According to the United Credit Bureau (OKB), the total cost of the mortgage (interest rate plus other mandatory payments) from the beginning of 2021 to September increased by 0.6 percentage points on average, to 9.2 percent. At the same time, rates on preferential mortgages with state support remained at the same level, and some banks even decreased. According to DOM.RF, under the Family Mortgage program, rates dropped by 0.14 percentage points, to 4.83 percent, and on Preferential Mortgage, by 0.02 percent, to 5.97 percent.
< p> VTB noted that the growth of rates on basic programs is associated with a sharp change in the key rate, as well as with the possibility of its further increase. The central bank raised its key rate to 7.5 percent per annum on October 22. Also, the regulator does not exclude that it will increase it again. The head of the Central Bank Elvira Nabiullina stressed that the rate hike does not contradict the availability of mortgages in Russia. She noted that mortgage rates rose much less than the key rate.
Tightening monetary policy and raising rates by banks affected the interest of Russians in real estate. The demand for new buildings in the third quarter of 2021 fell by 10 percent. Nevertheless, experts consider the decline in demand to be insignificant and note that interest in the primary real estate market helps maintain preferential programs of the developers themselves.