The average mortgage rate in November fell to 8.18% – Kommersant
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By data Central Bank for November 2023, the weighted average rate on housing mortgage lending (HML) decreased from 8.35% to 8.18% due to an increase in the share of issuances under state support programs. As the regulator reported, the volume of mortgage lending issued last month decreased by 5.7%, to 725.1 billion rubles.
The Central Bank notes that the trend towards a decrease in the volume of mortgage loans may continue in December after the conditions for issuance are tightened. The share of state mortgages, as reported by the Central Bank, in the volume of loans increased to 74.8% and amounted to 542.9 billion rubles. The average loan term last month was almost 25 years, adding 3 months.
Credit institutions provided 189.1 thousand ruble MHL in November – this figure fell below the figure of 200 thousand for the first time. In August, credit institutions issued 216 thousand MHL, in September – 238 thousand, in October – 200.4 thousand.
Compared to November 2022, mortgage issuance increased by 46.8% in numerical terms and by 54.3% in value terms. At the end of November, the mortgage lending portfolio increased by 1.9%, to RUB 17.7 trillion. Overdue debt on mortgage loans amounted to 59.67 billion rubles. (– 2.03%, in annual terms +5.63%).
In November, the head of the Central Bank, Elvira Nabiullina, said during a speech in the State Duma that over the year the mortgage portfolio of banks grew by 32%. She noted that this trend worries the Central Bank, since this process is accompanied by rising housing prices. In just three years, prices for new buildings have increased by 90%. On December 27, the Central Bank announced that from March 1, 2024, it would increase premiums on risk ratios for mortgage loans. The regulator cited the reason for this decision as the need to limit the risks of debt exposure for citizens.
Read more about the market situation in the Kommersant article. “Preferential mortgages are freezing”.
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