The Russian government has allocated an additional 446.9 billion rubles from the reserve fund to support preferential mortgages. The corresponding order was signed by Prime Minister Mikhail Mishustin, according to the Cabinet website.
Author:
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Almost a third of this amount – 142 billion rubles – will go to the Family Mortgage program, which offers a 6% rate for Russians with children. 35.1 billion rubles were allocated for “Far Eastern and Arctic mortgages” with a rate of 2%. The bulk of the funds (about 270 billion rubles) will be used to subsidize interest rates on loans previously issued under the Preferential Mortgage program.
The need for additional financing is associated with an increase in the key rate of the Central Bank. According to the consensus forecast of RB.RU based on the opinions of seven analysts, at the meeting on October 25 the regulator will increase the rate from 19% to more than 20%.
The weighted average mortgage rate for new construction in Russia exceeded 23% for the first time in mid-October. The average loan amount in September reached more than 4.8 million rubles, a record for the past 11 years. The amount increased 4% compared to August and 16% compared to September of last year.
Author:
Nikolai Tikhonov
Source: RB
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