Ministry of Finance: High mortgage rates will not always exist
High mortgage rates are temporary, and we can expect them to decrease in the future. This was stated by the director of the Finance Ministry department, Alexey Yakovlev, in the Easy Money podcast on Channel One.
According to Yakovlev, mortgages will become cheaper if the Bank of Russia lowers the key rate. “It will take some time before they (rates — note from “Lenta.ru”)will decrease, but we still proceed from the fact that this will happen at some point, that these rates will decrease,” the official noted.
Yakovlev added that citizens who need new housing but do not qualify for preferential mortgage programs should not be afraid of market mortgages. He recalled that during the period of high market mortgage rates in 2015, banks began offering refinancing of loans after the key rate was reduced.
Earlier, real estate market experts urged Russians not to expect a drop in housing prices. Market participants will not agree to a massive price reduction in the coming months.
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