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At the Max: Mortgage Rates Hit Record Highs
The average interest rate on mortgages for basic housing in Russia is at its highest level since 2020, reports the DEITA.RU news agency.
As of mid-October, the average market interest rate on mortgage loans exceeded 23% for the first time. Over the past week, the average rate for new buildings increased by 0.75 points.
At the same time, the growth of the secondary market has slowed down somewhat. The average interest rate on subsidized housing has stopped growing and is 22.34%. This was reported by RBC Real Estate Analysis with reference to DOM.RF data.
It is noted that the current value is the highest since the specialized site began monitoring mortgage rates in 2022. In addition, the interest rate in October 2024 is an absolute record since 2018, based on the weighted average interest rate provided retroactively by the central bank.
By the way, as DEITA.RU reported earlier, experts from the Central Bank say that access to mortgages in Russia has become so difficult that the situation with inherited debt on housing loans may soon become widespread. There are already proposals to pay off mortgages for a period of more than 35 years.