On January 10, Sberbank announced an increase in interest rates on mortgage programs. This applies to both the purchase of housing in a new building, as well as in the secondary market. According to the credit institution, the rates have increased by 0.5 percentage points, and now the countdown starts at 10.9% per annum.
The rates for programs with state support remained unchanged. For concessional mortgage rates start at 7.3% if it is a house construction, and 7.7% if the credit is taken to buy an apartment or house in a new building. As for the “family mortgage” rate also remained unchanged: if the family decides to take the funds to build a new house, the rate will be set, according to RIA Novosti, from 5.3%, but the credit for the purchase of a house or apartment in a new building will be slightly higher, starting at 5.7%.
Commenting on the situation, the press service of Sberbank explained that this had to be done, as in December there was an increase in the cost of borrowing the federal loan bonds. According to Sberbank’s experts, such dynamics will force the adjustment of mortgage rates and other banks.
Recall that at the end of last year, several major banks, including VTB, gradually increased mortgage rates, as increased risk of default on loans, which, in turn, is associated with a general deterioration of the macroeconomic situation in the country, as well as a partial mobilization.
As reported by Gazeta.ru, experts note that citizens are mainly guided by the key rate of the Central Bank, when they are going to arrange long-term mortgage loans. For financial institutions, i.e. from the point of view of the economy, the main thing is the price of federal loan bonds. Right now, the cost of borrowing federal loan bonds has been rising for several weeks. It is understandable that this is forcing the big banks to raise mortgage rates.
Igor Badikov, the sales director of the AAG holding company, reminds as Gazeta.ru writes that over the past five years the minimum rates were mainly kept at 7%, but at certain times they soared up to 23%. He believes that it all depends on the economic situation in our country and in the world as a whole. The banks raised the prime rates, but the mortgages, which can be obtained with government support, as well as the “family mortgage” remained at the rate of 5.7 - 8%. That is why for customers these types of mortgages are the most favorable. At the same time, experts are of the opinion that if the cost of federal loan bonds decreases, large banks, including Sberbank, VTB and others, may begin to improve the conditions for granting mortgages.
Maxim Zhabin, the deputy CEO of LenRusStroy Group, has a different opinion. According to him, at this time, there is a risk of “high inflation rates” which will force the banks to increase the cost of borrowing, leading to higher interest rates on various types of loans, including mortgages. That is why he believes, according to Gazeta.ru, that if there is a need to buy a home or even just invest in a virtually risk-free asset, it is now worth doing so.
Analysts on home loans believe, as reported in the media that by the end of last year the mortgage lending has improved compared to the spring of 2022. The situation has become more stable, and rates are more moderate. In addition, there are government programs that allow some families to purchase housing on favorable terms.
Mortgage rates for Russian citizens remain high, and that is why the concessional lending is currently the main “engine” in the market for real estate under construction. Thanks to this developers, according to analysts, can confidently make plans for their projects at least until the first half of 2024 inclusive.