Experts: mortgage in Russia has risen in price to 14%. 15 of the top 30 banks have already raised rates

CrimeaPRESS reports:

Every second bank in the top 30 raised mortgage rates by 1.5–3 p.p. on average. These are the results of monitoring the financial marketplace «Compare» (available from Izvestia). Now housing loans are given at an average of 14%. The reason is an unscheduled increase in the key from 8.5% to 12% a week ago. The credit institutions have reassured: for several weeks they will maintain the conditions for customers on previously approved applications. Experts expect a decrease in demand for market programs and growth — for preferential programs with state support. At the same time, real estate prices have already jumped by 2-5%.

Second time in a month

Between August 15 and 22, 15 large banks raised mortgage rates in the range of 1.5-3 percentage points, up to 14% per annum on average, Sravni said. This is the second adjustment of conditions for them in a month. The first wave of growth was noted in early August: then the major players increased interest on housing loans by 0.5–1 percentage points. up to 10–12%. The reason for this rise in price in the first case was the increase in the key rate by 1 p.p., to 8.5% at a scheduled meeting of the Board of Directors of the Central Bank, in the second — a decision taken at an unscheduled meeting — an increase in the rate by 3.5 p.p., to 12 %.

Financial institutions again had to recalculate the cost of mortgage loans, said Dmitry Safronov, head of the Mortgage department at Compare. According to him, Alfa-Bank, Gazprombank, Rosbank, Tinkoff, Dom.rf, Otkritie, Sovcombank, Uralsib, AB Rossiya, St. Petersburg, UBRD, Absolut Bank raised rates last week. , as well as regional players: Metallinvestbank, Severgazbank, Tatsotsbank, Surgutneftegazbank, Center-Invest and Primsotsbank. On this one, VTB, Ak Bars, the Asia-Pacific Bank, TKB, and also Sberbank went up.

The increase occurs by 1.5-3 p.p. under classic mortgage programs, the main of which are housing loans for secondary housing and new buildings, Dmitry Safronov noted. The expert said that the average rates for the purchase of housing reached 14%.

REFERENCE «Izvestia»

In order to estimate the increase in the rate to 14%, it is enough to calculate the monthly payment on a loan calculator. So, at a rate of 11%, which was the average at the beginning of August, an apartment for 12 million rubles with an initial payment of 3 million could be bought with a payment of 85,709.11 rubles per month. If, under the same conditions, the rate is approved at 14%, then the payment will jump up to 106,638.46. That is, every month it will be necessary to give the bank almost 21 thousand more, and the total overpayment for the loan will increase by about 7.5 million rubles.

In fact, the interest on standard programs becomes, if not prohibitive, then very high — 13-15% per annum. Now, according to previously approved applications, banks are asked to enter into a deal earlier (on average until the end of August) or completely change the approved decisions, he concluded.

In credit institutions, Izvestia confirmed the growth in mortgage rates. Sber warned customers in advance and informed in advance that from August 22, the conditions for basic programs for secondary housing and new buildings will change by only 2 percentage points, the financial institution said. Now the minimum percentage in the first case is 13.7%, and in the second — 13.4%, according to the bank’s website. The press service emphasized that the Central Bank raised the rate more sharply — by 3.5 percentage points at once.

Sberbank has met the needs of citizens by keeping mortgage interest rates unchanged for as long as possible: all borrowers who have submitted applications and received approval before the 21st day inclusive can apply for a loan on the same terms within three months, the bank specified.

On August 21, VTB revised the terms of its mortgage programs, increasing the base rate by 2 percentage points, the financial institution noted, now interest starts at 13.5% per annum. They said that they had adjusted the deadline for earlier decisions on applications: for applications received by the bank before August 20 inclusive, the approved conditions, including interest, will be valid until September 18.

Since August 17, Sovcombank has raised rates for the purchase of secondary housing and new buildings under market programs by 1.41 percentage points, which is 2.09 percentage points. lower than the boost key. The minimum percentage will be from 13.4% with an initial payment of 15%— shared in the bank.

For new applications from August 18, rates have been increased by 1.5 percentage points. frontally for all basic products, including mortgages for new buildings and secondary housing, Rosbank indicated. The website of the financial institution says that interest starts at 9.15%. But to support customers, the conditions for previously approved applications were left in place until the end of August, they added. Absolut Bank also said that they revised rates, according to market conditions.

The rules for preferential mortgage programs have not changed, almost all financial organizations emphasized, except for Absolut Bank, where they reduced interest on them by 0.3 percentage points.

According to current data from the Central Bank, the weighted average mortgage rate, including both preferential and market programs, was 8.45% at the beginning of July (8.40% in June). Izvestia sent a request to the regulator.

Expensive and less available

Demand for mortgages will decrease somewhat, as an additional 2–2.5 p.p. will be tangible for the borrower in the monthly payment, says Irina Nosova, Senior Director of the ACRA Group of Financial Institutions Ratings. At the same time, she emphasized that strong distortions towards the primary or secondary housing should not be expected, since in the first case the advantage will be a lower rate and new housing, and in the second — the absence of an objective need to make repairs and the opportunity to improve living conditions now, and not wait completion of construction or commissioning of the facility.

According to Nadezhda Karavaeva, Junior Director for Banking Ratings at the Expert RA Agency, the changes for market mortgage offers are more negative. Whereas state programs will continue to support issuance in the segment of new buildings.

All the consequences of the increase in rates have already manifested themselves, says financial expert, author of the Economism Telegram channel Alexei Krichevsky. Thus, the demand for new buildings has grown strongly, prices have increased by 5%, and finished housing has risen in price by 2-3%, the expert estimated.

Now banks are either rushing to enter into a deal, or simply reviewing the terms of lending on already approved loans, Alexey Krichevsky noted. Thus, according to his estimates, the secondary mortgage becomes unsustainable, and the demand for new buildings and rent is pumped. At the same time, a revision of the parameters of preferential mortgages is not yet expected — the construction lobby here will resist to the last, he believes.

If there is a need to resolve the issue of housing, then you can apply for a mortgage now, since anyway, in a year or two, the loan can be refinanced at a more sane percentage, Alexey Krichevsky believes. If there is an opportunity to wait for some time, then it is better to wait and look at the houses and districts.

According to Sovcombank’s chief analyst Natalia Vashchelyuk, we can expect that the recent increase in interest rates on mortgages on market terms will be the last this year. In autumn, conditions under standard programs stabilize at about 14%. Irina Nosova from ACRA believes that the excess in the fall of 2023, a psychologically important 15% is unlikely, otherwise it could kill demand.

source: News

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