Will the mortgage be reduced in a year. Will mortgage rates go down? Refinancing a mortgage loan in AHML

Summed up the results of 2017 in the mortgage market. Unlike 2016, which was marked only by a recovery in borrower activity, in 2017 quantitative changes turned into qualitative ones: a historical record was reached in terms of lending (2 trillion rubles) and interest rates of 9.8% per annum. At the same time, there are both positive and negative aspects in the growing importance of mortgages for the housing market, experts say.

2017 was the most productive year in the entire documented history of the Russian mortgage market. In Russia, 1 million loans were issued for the purchase of housing on total amount 2 trillion rubles, which amounted to 2.2% of the annual country's GDP, Metrium Group experts calculated. The indicators completely surpassed the pre-crisis level of lending to Russians. Compared to 2014, the number of mortgages issued last year exceeded 7%, and their monetary volume - by 15%. Compared to 2016, according to these criteria, the mortgage market increased by 27% and 37%, respectively.

Issuance data mortgage loans in Russia

Source: CBR

Loans have become large and long-term

Metrium Group analysts note that it was in 2017 that the quantitative growth of the mortgage market, which was launched by the rate subsidy program, turned into a qualitative improvement in indicators. First of all, this was expressed in a decrease in average rates on loans: over the past year, the rate (in fact, the cost of a loan) decreased from 11.54% to 9.79% (by 1.75 percentage points). Never before has a mortgage in Russia been so profitable - the last minimum that reached the rate was recorded in November 2011 - 11.40%.

The minimum rates are offered within the framework of joint mortgage programs of developers and banks. NS Bank JSC (not included in the top 20 leading mortgage banks) for the period of construction of the facility - 3%, after the completion of the facility, the rate rises to 12%. Rosselkhozbank offers mortgages at rates of 5.17%, and lends to both finished and under construction facilities.

The increase in the availability of mortgages has had two effects: the size and duration of loans have increased. If in 2016 the Russians borrowed from banks an average of 1.72 million rubles for the purchase of housing, then in 2017 - 1.86 million rubles. Thus, the reduction in rates made it possible to increase the loan amount by 140,000 rubles. The loan term has also increased: by three months compared to 2016, and by almost 10 months compared to the pre-crisis period.

The increase in the size of the loan indicates that not only more Russians were able to afford a mortgage loan in 2017, but also the area of ​​objects they purchase increased. In turn, a longer period indicates relative confidence in the future.

Demand shifts to second homes

In October 2017, the difference between mortgage rates for the purchase of primary and secondary housing disappeared, Metrium Group experts note. The top ten mortgage banks offer almost identical base rates. For new buildings, the range of offers varies from 7.9% to 11%, and for secondary apartments - within 9.1-11.5%. According to AHML, in December 2017, the weighted average rate on loans issued for finished housing was 9.8%, and for new buildings - 9.77%.

This trend in more favored the market of ready-made, rather than under construction housing, Metrium Group experts note. If in general the number of loans issued increased by 27%, and their volume - by 37%, then the mortgage for participation in shared construction was not as popular. According to the Central Bank of the Russian Federation, the number of loans issued for the purchase of housing under construction (under contracts equity participation, DDU) increased from 306 thousand to 312 thousand, that is, by only 2%. However, the volume of lending increased from 571 billion rubles to 661 billion rubles (by 15%), which is still less than the dynamics of mortgages in the secondary market.

“While the program of state subsidies for mortgages was in effect, the rates for the purchase of objects under construction were approximately 2% lower than the rates for loans for the purchase of “secondary property,” comments Maria Litinetskaya, managing partner of Metrium Group, a member of the CBRE partner network. - That is why in 2015-2016 buyers showed great interest in new buildings. Now that the rates have leveled off, many buyers, especially in regions where incomes often do not allow you to pay a mortgage and rent at the same time while waiting for the completion of a new home, have returned to the idea of ​​​​purchasing ready-made properties. Nevertheless, a subsidy program has already been launched, which applies only to new housing from developers, so I believe that the balance between the two sectors of the residential real estate market will still be maintained and no one will be left without buyers.”

Moscow is ahead of the suburbs in demand

The increase in the availability of mortgages has had an ambiguous effect on the housing market of the capital region, Metrium Group experts note. Moscow has surpassed both the volume and the number of mortgage loans issued by its main competitor, the Moscow region. According to the Central Bank, in 2017, 63,000 mortgage loans were issued in the capital in the amount of 254 billion rubles. Meanwhile, in the Moscow region, whose market surpasses both the number of transactions and the volume of supply in the capital, 57,000 mortgage loans were issued in the amount of 160 billion rubles. Thus, mortgage borrowers in the capital turned out to be more active, although back in 2014 the Moscow region surpassed the capital in terms of the number of loans issued: 55 thousand mortgages in the region against 46 thousand in the capital.

Metrium Group experts also note that Moscow new buildings are in great demand among mortgage borrowers than those near Moscow. If in Moscow the share of loans for the purchase of housing under construction accounts for 48% of all mortgages (30 thousand transactions), then in the Moscow region - only 38% (21 thousand transactions).

The share of mortgages is approaching 50%

The Moscow market of new buildings has become the main beneficiary of the reduction in mortgage rates in Russia, Metrium Group experts believe. It was in the capital that the number of transactions with secondary housing did not increase over the past year, but the number of concluded pre-school institutions increased by 52%. The decrease in mortgage rates led to an increase in the share of sales to borrowers to 44%, compared to 36% in 2016 and 27% in 2015. Mortgage acquired the greatest importance in new buildings of the mass segment, where 48% of purchased economy and comfort class apartments were paid for with its help. The share of mortgages in the business class increased to 33%, and in the elite segment - up to 12%.

“In 2017, we recorded a significant increase in buyers with mortgages in high-budget residential complexes, which was uncharacteristic for our segment in pre-crisis times,” comments Roman Sychev, general manager TEKTA GROUP. - For example, in our Mayakovsky business class project, the share of mortgage holders increased from 15% to 45% during 2017. Thus, by the end of the year, mortgages provided almost half of the sales in the complex, which is even higher than the average for our segment in the capital. Attracting a loan has become much more profitable than using installment plans, which used to be a popular tool for purchasing housing in high-budget segments. I believe that most of our clients expect to repay their loan in the coming years after the purchase.”

Mortgage market risks are growing

Growth in lending against the backdrop of a decline in real incomes of the population increases the risks in the mortgage market. In addition to the reduction in the cost of loans, the reduction in the minimum down payment(PV). According to the Central Bank of the Russian Federation, the share of loans with an installment of less than 20% in the total amount of mortgages issued increased from 7% at the beginning of 2017 to 21% at the end of the year. At the same time, banks have become more favorable to borrowers. According to the National Bureau credit histories(NKBI), only one third of mortgage applications were rejected, while the share of approvals was 67.5%, exceeding the level of 2016 by 3 p.p.

At the same time, Metrium Group analysts believe that the threats to the mortgage market are exaggerated by some industry participants. Despite the increase in lending, the number of "bad" debts did not increase, but rather decreased. According to AHML, the share of debt overdue by three months or more amounted to 2.2% in December 2017, while at the end of 2016 it reached 2.65% of the total volume of loans issued.

In addition, Metrium Group analysts note that the average share of the monthly mortgage payment relative to the income of borrowers in the country is 28%. This level corresponds to the normal indicators of the mortgage market of developed countries, where payment is considered acceptable, which is about 30% of monthly income families. The exception is Moscow borrowers, who on average give the bank 48% of their monthly income.

“In the information field, there are constantly speculations about a “bubble” in the mortgage market, which in reality have no serious grounds,” comments Maria Litinetskaya, managing partner of Metrium Group, a member of the CBRE partner network. - In my opinion, on the contrary, in Russia the population suffers from a lack of affordable loans to improve housing conditions. If in developed countries the share of mortgages reaches half, or even 100% of GDP, in Russia this figure reaches only 5%. This suggests that even the current record lending rates are only a tenth of the real potential of the mortgage market in our country, where about 41% of the population, according to VTsIOM polls, would like to improve living conditions. In light of the plans of the Ministry of Construction to increase the annual commissioning of housing to 120 million square meters by 2025. m. (that is, almost double compared to current rates), I believe that the pace mortgage lending the population cannot be reduced, otherwise all these houses will be empty. However, it should be understood that the economy and household incomes must also show growth so that an increase in lending does not lead to an increase in systemic risks.”

In 2017, the mortgage rate may drop to 10%, and the number of loans issued will reach a record level in 2014, state structures involved in the regulation of the mortgage market predict. At the same time, banks and realtors are anxiously awaiting the termination of the mortgage subsidy program. Most market participants agree that rates can indeed be lowered to 10%, but this will not increase the number of loans if prices go up.

The year promises to be interesting for the mortgage market. The main intrigue: will the calculations of official structures, which predict a further reduction in rates and a record growth in the issuance of new loans, come true?

“Given the dynamics of mortgage rates and the existing demand of the population for housing, we expect that next year more than 1 million loans in the amount of 1.7-1.8 trillion rubles can be issued. This will at least repeat the results of the record-breaking 2014. As the Bank of Russia reaches its inflation target of 4%, mortgage rates will continue to decline and may reach 11.0-11.5% by the end of next year.

According to AHML forecasts, already in 2018 mortgage rates will fall below 10%,” Gazeta.Ru was told at the analytical center of the Agency for Housing Mortgage Lending (AHML).

I must say that many market participants took such forecasts with restrained skepticism. So, Kirill Yakovenko, an analyst at Alor Group, called them "overly rosy", although he admits that under a number of conditions there is a chance to reach the planned volume of new loans.

“If this year the agency estimates the growth in volumes within 30% of the levels of last year, that is, from 1.3 trillion to 1.5 trillion rubles, then, in principle, the probability that banks will be able to issue loans in 12 months of 2017 1.7-1.8 trillion rubles at once, there is, but only under a number of conditions, ”Yakovenko believes. In his opinion, it will be possible to reach the record if both mortgage rates and housing prices are at a sufficiently low level.

As for rates, the main intrigue of the next year in the mortgage market, as noted by Dmitry Shevchenko, Deputy Chairman of the Board of Lanta-Bank, is whether the program of state subsidies for mortgage rates, which ends on December 31, 2016, will be extended, and there are no further payments on it.

According to AHML, at present, mortgage rates have returned to the level of 2014, and therefore the mortgage market support through the subsidy program is no longer required.

“Today we need development market mechanisms that do not require any public funding. Among them is the mechanism for issuing single-tranche mortgage valuable papers with the AHML guarantee, which will allow banks to receive cheap funding and subsequently offer mortgage loans to citizens at reduced rates,” the agency’s analytical center noted.

Not everyone believes that after the abolition of subsidies, rates will continue to decline.

“Forecasts of the government in 2017 to reduce the interest rate, unfortunately, are unlikely. This is primarily due to the difficult economic situation and external macroeconomic factors. With the abolition of state support in 2017, the estimated rates will remain in the range of 11.5-13%,” says Evgeny Nartov, Head of the Mortgage Department at Bon Ton.

As Shevchenko recalled, it was mortgage subsidies that kept the residential real estate market afloat in the past year.

“Without it, the developer crisis would have been much deeper, the fall in apartment prices would have been more dramatic, and this would have affected not only real estate, but also related sectors, where real estate is pledged, for example,” the expert believes. In the current situation, in his opinion, it is already possible to abandon subsidies by achieving lower rates by lowering key rate Central Bank.

“I think that the authorities may well refuse to subsidize mortgages, citing the fact that they will reduce the key rate of the Central Bank. In 2016, it decreased twice and now stands at 10%, and this rate, in fact, determines the level of interest rates on loans from commercial banks.

If it is reduced one or two times in 2017, then there is a possibility that the ruble will weaken closer to 70 rubles per dollar, it will be easier to the state budget mortgages will become cheaper. But, most likely, will lose state support. German Gref in August 2016 said that the mortgage rate in 2017 may well fall below 11%, and Sberbank is still the flagship of the mortgage loan market, issuing about half of the volume, so this forecast should be heeded. AHML is also preparing various innovations, for example electronic document management on mortgage loans,” Shevchenko shares his forecasts.

General Director of NDV-Nedvizhimost Alexander Khrustalev also believes that without preferential mortgage already can be done.

Rates will be lowered even without the participation of the state due to the growth in sales.

“At one time, state subsidies were introduced as a saving measure, when mortgages in banks were offered at 15% or more. Now we see a different situation: stabilization and recovery processes are developing, and many credit organizations revised rates down. We expect that, indeed, in 2016, mortgages will be sold at an average of 10% and without the participation of the state, because this is a powerful demand factor. Thus, a reduction in the rate by 1 p.p. will attract 4% of new borrowers, and with a mortgage of 7% of those wishing to buy housing in a new building, it would at least double, ”the developer believes.

However, according to Yakovenko, even with a reduction in rates to 10%, which, according to many experts, is quite likely, sales may slow down as prices creep up.

“Housing prices have declined in all regions this year, but only as a result of an imbalance in supply and demand. The residential real estate market reacts quite sensitively to such situations, and after demand with a lag of 1-1.5 years, there is a decrease in supply. Thus, a surplus was formed, formed by the beginning of 2016 as a result of the commissioning of a record 85.3 million square meters. m of housing and another 37.2 million sq. m in the first half of the year,” said Yakovenko.

But, as he recalled, almost all of this real estate is a legacy of the pre-crisis era.

“For the past two years, the activity of developers has been declining, and as supply and demand tend to balance, housing prices will inevitably creep up,” the expert believes.

The policy of the Bank of Russia contributes to the reduction of rates in the mortgage market, however, record low mortgage rates of 6-7% per annum should be expected only in the perspective of two or three years, credit organizations interviewed by RIA Novosti believe. The banking market cannot reduce rates by a few percentage points in a short time, as this will lead to negative margins, they explain.

Russian Prime Minister Dmitry Medvedev said on Tuesday that macroeconomic conditions in the Russian Federation as a whole are ripe for mortgage rates to fall to 6-7% per annum.

According to the Central Bank, Russian banks' mortgage rates averaged 11.8% in the first quarter of 2017, down 0.67 percentage points from a year ago.

“The market is ripe for banks to take a course on lowering the interest rate. but banking market will not be able to reduce the loan rate by several percentage points within a short period, as this will lead to an imbalance of assets and liabilities. Cheap liabilities are gradually being replaced by more expensive funds raised from the market, due to which financial and credit organizations is gradually lowering rates,” commented Anton Pavlov, Director of the Credit and Insurance Products Department at Absolut Bank.

Not so fast

Demand for mortgages at a rate of this product in 6-7% will undoubtedly increase. Borrowers will appear on the market for whom a higher level of rates was unbearable, the head of the mass market department is sure and loan products Raiffeisenbank Andrey Morozov.
However, the general market level of mortgage rates of 6-7% this year is not worth waiting for, bank representatives unanimously say.

“With the most favorable scenario for the economy and the continuing trend to reduce the key rate, it is possible to approach the upper limit of this level not earlier than the end of 2018,” Morozov believes.

Bank Vozrozhdenie predicts that at the end of 2017, as well as in 2018, mortgage rates on the market will decrease by about 1-2 percentage points.

“Most likely, this year we will already see a single-digit rate on the market. A rate of 6-7% is a prospect of two or three years, ”they say in Absolut Bank.

The general forecast until the end of 2017 and for 2018 promises a reduction in mortgage rates by about 1-2 percentage points on average for the market, say Promsvyazbank.

V mortgage bank DeltaCredit, in turn, believes that with inflation of 3-4% and economic growth, the average market mortgage rate by 2019-2020 may be 8-9%, and in the absence of economic growth - 9.5% per annum.

At the same time, the general trend towards lowering the rate is absolutely justified, the bankers believe. The positive dynamics of mortgage lending is explained not only by the abolition of state support, but also current value funding of banks and the expected decline in inflation, note, in particular, in Promsvyazbank.

"You also have to take into account demographic factor and raising financial literacy of the population - already now one can observe the emergence of a new generation of solvent borrowers. It is predicted that the real disposable income of the population will begin to move up in 2017 after three years of decline,” said Elena Nazarenko, Head of Mortgage Products and Refinancing at Promsvyazbank.

Bank plans

All banks assure that they intend to monitor the situation on the market and, if possible, reduce mortgage rates.

“As for further changes in rates at Vozrozhdenie Bank, if the current trend towards a decrease in the cost of funding and a decrease in the key rate continues, our rates will also be reduced,” said Oleg Korkin, deputy head of the Retail Business block of the bank, in particular.

According to the bank, the current volume of its mortgage portfolio is 44 billion rubles. In 2017, the mortgage portfolio of Vozrozhdenie Bank will grow by at least 30%, which corresponds to the growth dynamics in 2016, Korkin added.

Absolut Bank also intends to adjust the mortgage rate, if there are conditions for this. “For this, it is important that the situation in the economy remains stable, the Central Bank continued its policy of reducing the key rate, which, among other things, will help reduce the cost of formation for market participants. Another important factor is the development of infrastructure projects, the establishment of interaction with departments in order to reduce operating costs and the risk component, ”Pavlov listed.

Since the beginning of the year, the bank has already reduced the mortgage rate three times. Currently minimum bid under standard lending programs is 10.25% per annum, and under affiliate programs— 7.7% per annum in rubles.

At the same time, a reduction in the rate without subsidies to 6-7% will mean that the bank operates with a negative margin, since the cost Money for market participants is now higher. In addition, the bank spends money on infrastructure maintenance, transaction processing, etc., which also needs to be included in the cost of the product, Pavlov explained.

At the moment, the mortgage portfolio of Absolut Bank is 65.1 billion rubles, and by the end of the year it will overcome the mark of 80 billion rubles, the credit institution expects.

Promsvyazbank in 2016 increased the volume of mortgage loans issued by 4.3 times in annual terms, and the bank's mortgage portfolio grew by 39% last year. Average amount mortgage loan in the bank as of March 2017 amounted to 1.78 million rubles.

“The main criteria and trends in 2017 in the mortgage business will be two elements: fierce competition on rates – customers are accustomed to low rates during the period state program subsidies, and the second element is the simplification of the process: a minimum package of documents, remote and electronic channels for issuing and registering transactions,” Nazarenko noted.

“We want to be “in the market” and in the future we can consider the possibility of lowering rates, but there are no prerequisites for a more significant reduction yet,” said Alexei Tartyshev, head of marketing at DeltaCredit Bank, in turn.

As of May 1, the mortgage portfolio of DeltaCredit Bank was 140.1 billion rubles. The bank predicts that by the end of the year it will grow by 23% - up to 172.5 billion rubles.

Thanks to lower mortgage rates in 2017, 700,000 families improved their living conditions. Alexander Plutnik, General Director of AHML, answered questions about the current situation and prospects for the housing market.

1. Mortgage rates dropped noticeably in 2017. In the last weeks of this year, is it possible to further reduce them?

The improvement of the macroeconomic situation can be traced in the country. As a result of September, the mortgage rate for buyers of new housing averaged 9.88%, for secondary housing - 10.14%. The number of new loans at a rate of less than 10% per annum is increasing. The most significant decline of 2017 is already behind us, but in the remaining weeks the rate can be reduced by tenths of a percent.

2. When people turn to banks, they are often offered to take out a mortgage at more than 11%. This is fine?

The largest banks have rates of 9-10%, but some financial institutions trying to earn more on commissions and additional payments. The State Duma is planning to discuss a law providing for an indication on the first page of the contract of all payments and all amounts in absolute terms. If adopted, the terms of lending will become clearer and clearer.

3. Recently, the head of Sberbank German Gref said that in the future it will be possible to issue a mortgage at 5%. This is real?

In the future, the rate cut to such a level is indeed possible. The necessary conditions: improvements in the economy and a reduction in the key rate of the Central Bank. In the medium term, a decrease to 8-7% is possible.

Today, AHML has programs with subjects, using which you can get a mortgage from 6% per annum. This level is achieved by subsidizing part of the rates for preferential categories population. Thanks to AHML, the mortgage rate is around 9%, another 2-3% is compensated from the regional budget.

4. Is it better for borrowers to get a mortgage now or wait for further rate cuts?

Housing prices are not rising yet. Therefore, it is not worth delaying with a mortgage loan. If possible, you need to improve living conditions. When applying for a mortgage, the borrower fixes the price of the apartment. A possible reduction in rates should not stop, since the loan can be refinanced.

5. There is alarming information about the overstocking of the market. Supply in some regions exceeds demand by 30-40%. Will AHML somehow stimulate demand for surplus housing?

The main task of AHML is to stimulate the housing sector as a whole, that is, both demand and supply. In some regions, there are indeed problems with overstocking, but they are associated not so much with a lack of demand, but with developers' shortcomings. Developers failed to provide a comfortable urban environment, they did not take care of the improvement.

With lower rates, many people are ready to buy more expensive housing, but want to be in a comfortable and rich urban environment. Wealthy buyers are no longer interested in apartments located farther than walking distance from kindergartens, schools and shops.

The work of AHML is now aimed at building truly comfortable housing. Land provided for the most successful projects. Land is allocated not near the cities, but inside the city limits, inside the existing development. People should pay not only for square meters but for a comfortable urban living environment.

Experts' forecasts came true: in 2017, the mortgage rate in Sberbank and other domestic banks was systematically decreasing. In the largest of them, it reached the historical minimum of the pre-crisis 2014 in the summer.

Time to buy!

At the beginning of summer largest bank country, another move was made on the availability of mortgage lending. Then a new building could be bought at 10.7%, and if you register a deal online, then at 10%.

On August 10, Sberbank announced a record reduction in mortgage rates in 2017. Now you can buy an apartment in a new building on a loan from 7.4%, in the old fund - from 8.9%. The down payment has also been reduced - up to 15% of the cost of the purchased "squares".

On a note! In the first half of the year, the mortgage market grew by 16%, updating the record levels of the pre-crisis 2014.

Mortgages with state support - from 6.25%!

To date Agency for Housing Mortgage Lending (AHML) launched a number of state programs that allow regions to lend to those who want to take money for housing at 6.25%. The Vladimir and Nizhny Novgorod regions have already become participants in the program.

The lowest mortgage rate of 2017 will be additionally introduced in six regions. A loan at a preferential 6.25% will be available to residents of:

Tatarstan;

• Moscow region;

  Mordovia;

  Rostov region;

  Yamalo-Nenets Autonomous Okrug.

The “tasty offer” will be made possible at the expense of regional budgets, so local authorities will determine the categories of citizens for whom housing will become even more affordable. The lucky ones can be budget workers(doctors or teachers), young families, etc.

Important! There are plans to include Karelia, Kaliningrad and Voronezh regions in the state program.

By the way, some regions are looking for opportunities to offer residents the most profitable terms. In particular, the Moscow government presented a reduction in mortgage interest to 7% for immigrants from Khrushchev. For help metropolitan authorities applied to AHML, but so far they have been offered only the standard 9%.

What is the best bank to get a mortgage?

Mortgage rates of banks for comparison are presented in the table, data from which are current as of August 10, 2017*

* Information from the official websites of banks is used. The lower limit of the interest rate is indicated.

I would like to hope that competition will force all bankers to make mortgages even more affordable. With a record decline credit interest in Sberbank, another popular bank so far leaves lending conditions not the most attractive on the market - the mortgage rate in 2017 at VTB 24 is from 10.7%. But when purchasing large apartments(from 65 "squares") VTB reduces interest to 10, and the bank gives one of the largest amounts on the market - up to 60 million rubles. with a down payment of 10%.

Choosing the most attractive loan terms interest rate definitely plays important role, however, it is necessary to compare other positions - the amount of the down payment, the criteria for the borrower, the number required documents etc.

Predictions and reality

In May, Prime Minister Medvedev said that the economy allows mortgage rates to be reduced to 6-7% in 2017, while earlier it was reported that the government was "deflated" and unable to support 30,000 mortgage borrowers who applied for the restructuring of such loans.

On a note! Boris Titov, the chief defender of Russian entrepreneurs, is convinced that if the state succeeds in lowering the rate to 5%, then the construction market will double. In his Growth Strategy Russian economy he calculated that such a step would cost 150 billion rubles.

AHML predicts the volume of mortgage issuance for 1.8 trillion rubles, taking into account several favorable factors:

inflation slowdown (4.3%);

further reduction of the key rate, on which the calculation of interest for the issuance of banking products directly depends;

development of mechanisms for refinancing and state support.

For the 1st quarter, according to AHML, 324 billion rubles were borrowed from banks, and in March alone, 150 billion rubles, which is 10% more than the level of record volumes in 2014. But other figures make one think about the existence of a problem, to solve which the lowering of the mortgage rate in 2017 will not help either Sberbank or other banks.

Russians are not ready to spend, including buying housing on credit. According to Rosstat, with a recorded increase wages in the country by 2.5%, real income citizens fell sharply by 7.6% and became the lowest in the last 5 years.

The VTsIOM polls become a balm for the heart. They demonstrate, albeit insignificant, but still an increase in credit confidence in the country:

in January - only 10% of respondents believed that it was a favorable time for lending;

in March - 11%;

in April - 12%.

Despite the fact that the vast majority (66%) of Russians believe that "now is not the best time to spend", and travel agencies, and air shows, and banks report growing rates: for holidays, and for new cars, and for other needs, Russians have become borrow more often and larger amounts. And here it is appropriate to give a friend statistics: at the end of February credit debt citizens facing banks rose by an ominous 13%.

It is worth considering that financial institutions(banks and MFIs) are less likely to approve applications for consumer loans due to the growing non-return. Whether this situation will repeat itself in the mortgage lending segment, whether the Russians will borrow more specifically for the purchase of real estate, and whether the mortgage rate will break the summer 2017 record, time will tell.