Central Bank sees conditions for rate reductions on deposits and mortgages

the Central Bank announced the reduction of interest rates on deposits and mortgage loans. The regulator believes that this trend may continue due to the reduction of the key rate and the reduction in yield on the OFZ market.

the Bank of Russia said that the measures taken by the government and other initiatives and the Bank of Russia will support lending, including in the most vulnerable sectors of the economy.

Today, the Central Bank also decided to reduce the key rate to record low of 4.50% per annum.

the message of the regulator it is noted that risks to financial stability associated with the situation in global financial markets decreased. However, inflation expectations of population and business has decreased. With the development of the situation in the baseline forecast, the Bank of Russia will assess the feasibility of further lowering the key rate at the next meeting.

According to the report from “House.Of the Russian Federation” for six months in Russia will be issued approximately 550-600 thousand mortgage loans worth more than 1.3 trillion rubles. This corresponds to the level of the first half of last year.

In may, it was issued by 87 thousand loans at 205 billion rubles, RIA soobaschet Property, citing experts, “the House.Of the Russian Federation”. A key factor for growth – implementation of the program of preferential mortgages for new buildings by 6.5%, which provided 20% of mortgages in may.

however, informed the Federal registration service announced that in may registered 163,9 thousands of mortgages, which is 26% below the result of may 2019.