More than half of the top 10 banks have lowered mortgage rates

Six of the top 10 banks have lowered real rates on basic mortgage programs, according to data from the websites of credit institutions that Izvestia has studied. The average level of the total cost of housing loans (CPI — takes into account not only the rate, but also additional loan payments, for example, insurance) dropped below 28%, decreasing by 1 percentage point per month. At the same time, the minimum CPI level for mortgages fell by 1.2 percentage points to 25%.

Under an incomplete program: banks may limit the issuance of preferential mortgages

Why did the authorities see such risks and how they could affect the market

"Lowering interest rates does not make market mortgage loans really more affordable, since under standard conditions the debt burden and overpayment remain unbearable," said Yuri Belikov, Managing Director for Validation at Expert RA rating agency.

Mortgages will become truly affordable only at rates below 15% per annum, the analyst said. But such values, most likely, should be expected no earlier than next year. In the meantime, banks are continuing to carefully adjust conditions, taking their time to seriously reduce the cost of loans.

In any case, a reduction in market mortgage rates will make it at least a little more attractive to borrowers, which is why the share of this product in loans may increase somewhat, said Irina Nosova, Senior director of the Financial Institutions Ratings Group at ACRA.