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16 September, Monday

Ufa   °

Mortgage rate decline is predicted in Russia

Economy/Business

UFA, 15 August 2019. /Bashinform News Agency/ translated by Tatiana Aksyutina/.

The expected decrease in mortgage rates in Russia was discussed today at a meeting between President Vladimir Putin and VTB Head Andrei Kostin. The head of the bank told the president that in June such loans were issued at an average of 9.9%, and emphasized its connection with the reduction in the key rate.

“With the tendency that has now been outlined by the Central Bank, we believe that rates will go down by the end of the year,” RIA Novosti quoted Kostin as saying.

The President noted that he also counted on reducing inflation.

Andrei Kostin informed the head of state that he did not see any housing bubbles in the mortgage market, and indicated stable demand.

Earlier in his message to the Federal Assembly, Putin instructed the Government and the Central Bank to bring mortgage rates to nine percent and continue its decline below eight.

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