Analysts have predicted record low mortgage rates in Russia
By the end of the year, average mortgage rates could fall to a historic low.
According to analysts, banks will be able to offer borrowers a mortgage with a rate below seven percent per annum.
The expert believes that mortgages are now interest both to borrowers and lenders, but the first is not enough Finance to purchase housing, therefore, the principal supply on the market may be preferential mortgage program with state support. Assessment Ulyanova, the proportion of such loans may increase to half of the total.
The program of preferential mortgage does not cover the secondary housing market, which is popular among Russians, said the analyst. It is noted that in the first quarter of this year, the proportion of "secondary" in the renditions of mortgages made up about 70 percent.
By the end of may, the average mortgage rate on new loans dropped to a low of 7.4 percent. Reduction associated with the action of the preferential program of mortgage with state support, in which the maximum rate is 6.5 percent per annum.
In the credit Agency "Expert RA" assume that at year-end the share of "primary" in the issuance of new loans through the program of preferential crediting can reach half of the total.
Dynamics of rates will depend on the policy of the Bank of Russia. As previously stated RIA Novosti the Director of the group ratings of financial institutions Agency ACRES Valery Piven, lower interest rates contributes to the soft monetary policy of the regulator and intense competition for reliable borrowers among the banks. At the same time, the expert does not exclude that decrease in rates will make a mortgage product less margin, and the mortgage will cease to become cheaper.