VTB to lower market mortgage rates in the second half of June

VTB plans to reduce market mortgage rates by 1.5-2 percentage points in the second half of June. This was announced on June 10 by the bank's press service.

They noted that the decision of the Central Bank of Russia to lower the key interest rate is a positive signal for the retail lending market.

"We intend to reduce mortgage rates in the second half of the month. Realizing that they remain high enough for borrowers, we focus primarily on working on government support programs," said Alexander Pakhomov, Deputy Chairman of the VTB Management Board, RIA Novosti reports.

Pakhomov stressed that, working on the availability of preferential mortgages for borrowers and its effectiveness for market participants, the bank cooperates with the Central Bank of the Russian Federation and the Russian government.

Minus to plus: banks will lower loan rates after the Central Bank's decision

On June 6, the regulator unexpectedly reduced the key rate for the first time in three years to 20%

On June 6, the Central Bank of Russia lowered its key interest rate to 20% after a long period of tight monetary policy.

According to the Director of Macroeconomic Analysis at Dom Bank.Russian Federation" by Zhanna Smirnova, the trend towards reducing deposit rates in the Russian Federation will accelerate after the key rate cut. She suggested that the key rate would slowly decrease and reach 17-18% by the end of the year.