Banks Cut Mortgage Discounts, Add Surcharges
Banks began tightening market mortgage terms — «Kommersant» Russian banks began reducing discounts and introducing premiums to rates on market mortgages.
Consensus
- Russian banks have started reducing mortgage discounts and introducing surcharges.
- Three banks from the top-20 by mortgage portfolio size have adjusted their mortgage terms.
- The changes include reduced or eliminated discounts and new surcharges for certain conditions.
- Experts attribute the shift to a slowdown in the reduction of the key interest rate.
- Rising funding costs for banks are a contributing factor.
- The future direction of mortgage conditions depends on Central Bank decisions and market demand.
- Average mortgage rates for new builds have remained between 18.7% and 18.74% annually since early July.
- Average mortgage rates for ready-built properties have remained between 18.67% and 18.71% annually since early July.
Points of divergence
- VTB reduced the discount for clients with a down payment of 50% by half, from 1 to 0.5 percentage points. — mediazona
- MKB canceled the discount for fast transaction completion on ready-built housing earlier than scheduled, in late July. — tg_tvrain
- The average mortgage rate for ready-built housing has been between 18.67% and 0.71% annually since early July. — tvrain
- The average mortgage rate for new builds has been between 18.7% and 0.74% annually since early July. — kommersant
Coverage (5 sources)
- Banks began rolling back mortgage discounts — The Bell
- «Kommersant»: Russian banks began tightening market mortgage terms — Медиазона
- Banks began tightening market mortgage terms — «Kommersant» — Дождь (Telegram)
- «Kommersant»: banks began reducing mortgage discounts and introducing rate surcharges — Дождь
- Banks began cutting discounts and introducing surcharges on mortgage loans — Коммерсантъ