Average mortgage rates in August reached 20.81% per annum for the primary and 20.8% for the secondary, exceeding the previous maximum recorded in March 2022. Then the average rates for new buildings were 20.8%, and for ready—made housing – 20.38% per annum
The weighted average mortgage rates for new buildings on August 11 reached 20.81% per annum, having increased by 1.14 percentage points over the week. For ready-made housing, the average rates were 20.8%, adding 1.05 percentage points over the week. This follows from the data “House.RF” according to the dynamics of supply rates of the top 20 mortgage banks, which were reviewed by RBC-Real Estate. We are talking about market programs.
Thus, average mortgage rates in August 2024 surpassed the previous record, which was recorded in March 2022 after a sharp increase in the key rate. But then the rates quickly began to decline and by May they had fallen below 15% per annum. “According to the results of last week, mortgage rates on new buildings reached 20.81%, on the secondary market — 20.80%. The previous maximum was in March 2022: for primary — 20.80%, for secondary — 20.38%,” RBC-Real Estate clarified in Dom.RF.
During the week (from August 5 to August 11), six banks out of the twenty raised rates on housing loans at once. So, the mortgage has gone up in price:
On July 26, the Central Bank increased the key rate by 2 percentage points at once, to 18% per annum. This increase was the first in 2024. Before that, the last time the Central Bank raised the key rate by 1 percentage point, from 15% to 16% per annum, in December last year. After that, the rate remained unchanged. Experts predicted that after the Central Bank’s decision, market mortgage rates would naturally rise, which would make such mortgage lending even less affordable for citizens. With a key rate of 18%, minimum mortgage rates will be at least 20%, and many banks will raise them to 22-23% per annum, experts interviewed by the editorial board of RBC-Real Estate said.
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