Russian Sberbank raises mortgage rate to almost 30%
www.pravda.com.ua
Fri, 15 Nov 2024 14:32:12 +0200
Sberbank, Russias largest mortgage lender, has raised mortgage rates for the second time in a month, to more than 28.
Source The Moscow Times Details From 15 November, the rates increased by 3.5 percentage points, resulting in new indicators the minimum rate in the secondary market is now 28.1, while in the primary market it is 28.4.
Overall, Sberbank mortgage rates have risen by 7.4 since the beginning of October.
The Russian market has not experienced such high rates since the early 2000s, when inflation in Russia was doubledigit and the Central Banks key rate approached 20.
The basis for such a decision in Sberbank is the general increase in the regulators key interest rates.
Even with current interest rates, over 40 of all mortgages granted remain on the market, despite a 20 decline in total loan volume.
According to the Central Bank of the Russian Federation, the issuance of market mortgages fell by 14.3 in September to RUB 103.7 billion approx.
US1 billion, accounting for more than 70 of all mortgages that month.
Beginning in July, adjustments to preferential lending schemes reduced the volume of mortgage issuance by about half.
Background The Central Bank of Russia decided to hike the key rate by two percentage points immediately, to a record 21 per year.
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