The average mortgage cost dropped below 30% in early March

The average level of the total cost of housing loans (PSC, includes not only interest, but also other payments, for example, insurance — Ed.) decreased to 29.6%. This follows from data from the websites of the top 10 banks that Izvestia studied.

Sleep stage: what a sharp decline in mortgage transactions can turn into

Buyers are willing to sacrifice convenience and square footage for the sake of economy

Real rates on basic mortgage programs decreased at four of the top 10 banks. Among them are Sber, PSB, Dom Bank.RF" and Uralsib. At the same time, the last two players have a minimum mortgage cost of about 23-23.5%, that is, it exceeds the key value by only 2-2.5 percentage points

"We are witnessing a turnaround by the largest players towards lower mortgage rates," the press service of Bank Saint Petersburg noted.

The main reason that mortgages have started to fall in price is a reversal in the signals on the Central Bank's monetary policy. The regulator has not raised the key rate for two consecutive meetings (from the current 21%) and there are no prerequisites yet that it will increase it in March.

As a result, funding becomes cheaper, explained Vladimir Chernov, analyst at Freedom Finance Global. In recent months, there has been increased competition in the deposit market — the average rates for these products outstripped the key ones by 1-1.5 percentage points, and for individual players they reached 24-25%. Now it averages about 21% for periods from three to 12 months, it follows from the data of Finuslug.

Read more in the exclusive Izvestia article:

Payment visibility: the average mortgage cost dropped below 30% in early March