Average mortgage check reached peak figure

This was reported by RIA Novosti, citing a study by the Equifax credit bureau.

Analysts point out that the mortgage market in the country was marked by a decline in April-May of the pandemic 2020, and then began to recover again, and at a faster pace - due to state support programs.

"The average monthly growth rate of mortgage lending for the period June-December last year amounted to 15%, while for consumer loans it is more modest 11%", - said the experts.

However, now state support programs are being cut, and the amount of home loans is growing.

After the launch of preferential mortgages at 6.5%, the Central Bank lowered the key rate, which in July beat the lowest indicator and turned out to be at 4.25% (currently it has been raised to 5,). So, the mortgage rate fell by the end of 2020 to 7.36%, and citizens increased mortgage debts to a record 9.1 trillion rubles.

At the same time, experts predicted new risks for the mortgage market against the backdrop of a decrease in housing affordability: if real estate prices continue to grow, while real incomes of citizens remain low, the debt burden of borrowers on newly issued mortgages will increase.

By the way, Russians began to pay off their mortgages longer. The fall in the income of citizens has led to an increase in the term of such a loan to 18 years.