Mortgage market livens up in the end of the year

Russian credit institutions issued over 750 thousand residential mortgage loans (RMLs) worth 1.3 trillion rubles in the period from January till November 2016, or 31.1% more year-on-year. The outstanding mortgage debt reached 4424.8 billion rubles as of 1 December 2016.

As the government mortgage support scheme was coming to a close, lending surged by almost 10% in the last but one month of 2016. The average weighted interest rate on ruble-denominated RMLs went down considerably from 12.44% in October to 12.16% in November.