Weighted average mortgage rate down to 9.48% in June

The weighted average interest rate on ruble-denominated housing mortgage loans (HML) extended in June 2018 was 9.48% p.a. (vs. 9.56% in May). This is evidenced by the data posted on the Bank of Russia’s website.

In June, housing mortgage market activity saw a recovery. As many as 120.5 thousand ruble HMLs were granted for the total amount of 242.6 billion rubles. Their share in the aggregate amount of ruble-denominated consumer loans increased in June by 1 pp. to 24.3%. As of 1 July, the total volume of outstanding HMLs was over 5.7 trillion rubles, having increased by 2.1% in June.

The quality of HML debt servicing improved in June 2018; the amount of overdue debt declined and its share in the total debt went down to 1.24%.