Mortgage rate down to 9.57%

In April 2018, the weighted average interest rate on housing mortgage loans in rubles, extended within the month, was at a fresh low of 9.57%, down from 9.64% in March.

As the interest rate was declining, lenders continued to expand housing mortgage lending, with such loans having totalled a sustainable quarter of overall retail loans in rubles over the past three months. In April 2018, banks issued over 125 thousand loans to a total of almost 250 billion rubles, 53.5% and 66.7% up on the past year respectively.

As of 1 May 2018, total outstanding housing mortgage loans were over 5.5 trillion rubles, growing 20.2% in the year. The quality of mortgage debt servicing has been steady in the past five months, with overdue loans totalling 1.3%.