Weighted average mortgage interest rate hit historic low of 9% in December 2019
30 January 2020
News
During the last month of 2019, the weighted average interest rate on housing mortgage loans (HML) reached an all-time low of 9%. This is evidenced by the data posted on the Bank of Russia’s website.
In December 2019, HMLs accounted for 25% of household lending. Over 145,000 mortgage loans were extended during the month, with a total value of 345.1 billion rubles, which is a quarter higher than in November 2019.
As of 1 January 2020, the aggregate debt on ruble- and foreign currency-denominated HMLs (including credit claims acquired by credit institutions) amounted to 7.7 trillion rubles, having increased by 1.1 trillion rubles compared to the beginning of 2019.
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