The Bank of Russia registers a drop in mortgage rates

In the first quarter of 2017, the interest rate on housing mortgage loans (HML) was 11.8%, down by 0.67 pp year on year. Besides, in March 2017, the rate on new HMLs was set at 11.68% p.a.

Overall, during the reporting period, the banks financed more than 178 thousand mortgage deals to the amount of 321.3 billion rubles. The average size of one HML stood at 1.8 million rubles.

As of 1 April 2017, the outstanding amounts on HMLs reached 4,544.8 billion rubles (up by 10.9% year on year). The downward trend for outstanding amounts in foreign currency persists both in absolute and relative terms: at end-Q1, the proportion of FX loans accounted for 1.3% of the HML portfolio.

Sevastopol, the Republic of Crimea, and the Republic of Tyva have been on the top of the regional structure by HML growth rates this year.