In August 2020, a historical record was set in Russia for the volume of mortgage loans.

During the month, banks provided 148 thousand housing loans totaling 375 billion rubles - this is the highest figure for the entire observation period.

This is stated in a joint report of the DOM.RF company and the Frank RG agency.

Compared to the same period in 2019, mortgage lending increased by 38% in quantitative terms and by 59% in monetary terms.

As the head of the analytical center "DOM.RF" Mikhail Goldberg noted, the market has fully recovered from the negative consequences of the coronavirus pandemic.

According to him, this was largely due to the operation of the preferential mortgage program at a rate of 6.5% per annum.

Recall that from April to November 1, 2020, citizens can apply for loans with the appropriate rate for the purchase of apartments worth up to 12 million rubles in Moscow and St. Petersburg agglomerations, as well as up to 6 million rubles in other regions of the country.

“The program has proven to be one of the most effective tools to support mortgage borrowers and the construction industry in recent years.

Thanks to her, from April to August, more than 150 thousand Russian families improved their living conditions, and their number continues to grow.

We expect that with its help citizens will acquire about 15 million sq.

m of housing ", - said Goldberg.

According to DOM.RF, in August more than 90% of all loans on the primary market were issued at a reduced rate.

At the same time, as experts expect, in autumn the authorities may extend the program of preferential mortgages and thereby further support demand.

“The demand for mortgages has risen sharply precisely because the program has a limited duration until November 1 - citizens want to fix a record low rate and thus save on payments.

Meanwhile, the extension of the program even until the end of the year will allow maintaining the rate of mortgage issuance at a high level, "Irina Radchenko, vice president of the International Academy of Mortgage and Real Estate, told RT.

Russians also began to more often take out housing loans after reducing the down payment on mortgages from 20 to 15%.

The government approved the corresponding decision in early August.

As explained by Radchenko, the initiative of the authorities made mortgages more accessible to citizens and made it possible to "solve the housing problem more quickly."

The effect of deferred demand also had a positive effect on mortgage lending in Russia, said Mark Goikhman, chief analyst at TeleTrade, in an interview with RT.

“During the period of the quarantine restrictions, the issuance of housing mortgage loans has slowed down.

But already in July, after the end of the self-isolation regime, those who were forced to postpone transactions entered the market, and in August the trend continued.

It has also added that many new loans are issued not for the purchase of housing, but for refinancing past loans with a decrease in rates, ”explained Goikhman.

Note that in July 2020, the average mortgage rate in Russia renewed its historical minimum and reached 7.28% per annum.

First of all, experts interviewed by RT attribute this to the actions of the Central Bank.

Traditionally, banks monitor changes in the Central Bank's key rate and, on the basis of decisions made by the regulator, independently determine the level of long-term lending rates, including mortgage rates.

In July, the Bank of Russia lowered its key rate to the minimum for the entire post-Soviet period (4.25% per annum).

At the same time, in the near future, the regulator may continue to reduce the indicator, analysts are sure.

As the expert of the real estate market of the Academy of Finance and Investment Management Alexei Krichevsky told RT, in 2020 the key rate of the Central Bank may drop to 4% per annum, and in the future - to 3.5%.

According to Irina Radchenko, under these conditions, by the end of the year, the average interest on mortgage loans in Russia can reach the level of 7% per annum.

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According to the calculations of DOM.RF and Frank RG, in general, in the first eight months of 2020, 895 thousand mortgage loans were issued in Russia in the amount of 2.2 trillion rubles.

According to the experts' forecast, by the end of the year, banks may provide about 1.3 million loans.

“The dynamics of the mortgage market in Russia will depend on the decision to extend or not to extend the preferential lending program at a rate of 6.5%.

In general, for the year we expect a historic record in mortgage issuance in the amount of more than 3 trillion rubles, "Mikhail Goldberg emphasized in a conversation with RT.

As Irina Radchenko noted, in the summer, the excitement in demand for real estate led to a slight rise in the cost of housing in Russia.

At the moment, the prices on the market have stabilized and in the coming months may go down.

“Now housing prices have reached the so-called plateau: in the summer, against the background of lower mortgage rates and the rush of demand of citizens, after exiting the self-isolation regime, developers increased the cost per square meter in Russia by an average of 5-7%.

However, by the beginning of 2021, apartment prices will decrease by the same 5-7% due to the fact that the majority of Russians are implementing deferred demand, ”concluded Radchenko.