According to the OKB, the average size of a mortgage loan decreased by 7% in the quarter, to ₽3.97 million. At the same time, the average term of a housing loan decreased by three months to 266 months
In the first quarter of 2024, Russians issued 324.4 thousand mortgage loans worth 1.29 trillion rubles. Compared to the fourth quarter of 2023, the number of disbursements decreased by 55%, and their volume by 59%. Such data is contained in a study by the United Credit Bureau (OKB).
It is clarified that the calculations take into account mortgage loans from banks that transmit data to the OKB, for which contracts have been signed and the bank has actually transferred funds to customer accounts this month. In some cases, the discrepancy between the date of signing the contract and the transfer of funds can reach 180 days.
According to the OKB, the average size of a mortgage loan decreased by 7% in the quarter, to 3.97 million rubles. At the same time, the average term of a housing loan decreased by three months to 266 months.
In March, mortgage demand increased by 10% compared to the previous month, and volumes increased by 15%, according to the credit bureau. According to analysts, in March, 126.2 thousand housing loans were issued for a total amount of 510.83 billion rubles.
It is noted that most mortgage loans were issued in Moscow (9.92 thousand loans worth 72.69 billion rubles) and the Moscow region (7.85 thousand loans worth 43.63 billion rubles). The top five in terms of issuance also included St. Petersburg (6.05 thousand loans worth 31.74 billion rubles), Tatarstan (4.38 thousand loans worth 18.98 billion rubles) and the Sverdlovsk Region (4.98 thousand loans worth 16.84 billion rubles).
At the same time, experts noted the largest increase in mortgages issued in March in the Nenets Autonomous Okrug (+41%), the Orenburg Region (+33%) and St. Petersburg (+31%). The largest decrease in the number of renditions was recorded in Chechnya — by 44%, Dagestan — by 20% and Karachay-Cherkessia — by 19%.
According to the Central Bank, in March, Russian banks issued mortgages for 447 billion rubles, which is a third (34%) more than in February — 333 billion rubles. The growth was mainly due to preferential programs, the rates for which are much lower than the market ones, the regulator noted. The issuance of preferential mortgages in March increased by 50%, while for market programs by only 5%, the Bank of Russia cited data.
According to the Institute of Housing Development “Dom.The Russian Federation”, at the end of April, the weighted average mortgage rate for new buildings is 16.76% per annum, in the secondary market — 16.94%, the refinancing rate is 16.98%. Rates for preferential mortgage programs range from 2% to 8%.
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