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Mutko: mortgage rates may rise

Mutko: mortgage rates may rise
Photo by: kremlin.ru

General Director of DOM.RF Vitaly Mutko predicts an increase in mortgage rates in Russia. The market situation now depends on the ruble exchange rate and the actions of the Central Bank. According to Mutko's forecasts, mortgages at the same rates will be issued for another week or two.

According to RIA News, in the last two to three days, banks issue mortgages at a loss. Due to the depreciation of the ruble, said Vitaliy Mutko, everything now depends on the decision of the Central Bank: if the key rate rises, then mortgage loans will become more expensive by 1-2%. 

Now mortgages are issued on average at 8,5% per annum and the demand for such loans is quite high. At the same time, federal loan bonds have already become one point more expensive.

At the beginning of this week, the ruble lost much in price to dollar and euro. The maximum decline was recorded on exchanges in the region of 74 rubles per dollar. Now the dollar has stopped at 73,7 rubles.

The exchange rate was greatly affected by Russia's exit from the OPEC deal to reduce oil production. A separate effect was exerted by coronavirus pandemic. Moreover, experts already predict price increase for all goods within 10-20%.

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