This continued the trend of the mortgage interest rate reduction observed in the Russian real estate market over the course of this year. So, earlier in March, a record was set at 9.64%, while in February the average rate was 9.75%, in January — 9.85%.
The reduction in the interest rate stimulated banks to increase volumes of ruble mortgage loans. As a result, over the past three months, such loans accounted for a quarter of the total volume of ruble loans issued to individuals. While in April, banks issued more than 125,000 loans worth about 250 billion rubles, which is 53.5 and 66.7% higher than in the same period in 2017, respectively.