The economist spoke about the impact of lower mortgage rates on the ruble

The reduction in the key rate has not yet put serious pressure on the ruble exchange rate. The national currency demonstrates resistance to external factors, including fluctuations in oil prices amid the escalation of the conflict between Iran and Israel, Associate Professor of the Department of Strategic and Innovative Development at the Financial University, Candidate of Economics Mikhail Khachaturian told Izvestia on June 25.

Earlier it was reported that more than half of the top 10 banks have lowered mortgage rates. At the same time, the minimum level of the full cost of housing loans (UCS) on mortgages fell by 1.2 percentage points to 25%.

"Despite the beginning of the reduction in the key rate, its dynamics has not yet critically affected the ruble. This indicates its stability. Sanctions remain the main pressure factor, but if the situation does not worsen, the exchange rate may remain in the current ranges of 78-80 rubles per dollar and 90-92 rubles per euro," the expert noted.

As for mortgages, banks began to reduce rates even before the Central Bank's decision, but so far only slightly — by 1-2.5%.

"This is unlikely to change the market situation much. A more significant reduction in interest rates, including mortgage rates, should be expected no earlier than the end of 2025 or the beginning of 2026, and only with a further slowdown in inflation," Khachaturian summed up.

Less than half: 6 of the 10 largest banks lowered mortgage rates in June

But they're still a barrier, and the payouts are falling.

Olga Veretennikova, vice President of the Borsell analytical company, told Izvestia on June 18 that, despite seasonal factors, the ruble continues to strengthen. In her opinion, a reversal of this trend is possible by the end of summer.