Such dynamics was provided by the “falling” mortgage rates. Although, the moment is very factually debatable whether they fell or just became veiled.
According to Rossiyskaya Gazeta, on loans for new buildings, the rate in January 2018 was 9.61 percent (1.75 percentage points less than in January 2017), and on loans for finished housing (secondary market) - 9.97 ( 2.19 percentage points less).
Since January 2016, the average rate in the market segment has decreased by more than 3.3 percentage points. Such a rate of decline has not been observed in the entire history of mortgage lending since 2004. As a result, such a reduction in rates has led to the fact that the interest on mortgages in the primary and secondary markets is almost equal.
Due to this, the share of transactions with finished housing has significantly increased. This trend is typical primarily for regions where the level of income often does not allow you to rent an apartment and pay a mortgage at the same time. Metrium notes that reduced rates have become a driver of demand for housing in Moscow.
But in the regions, cheaper mortgages did not lead to an increase in demand due to low incomes of the population, which, moreover, continue to decline. Previously, 60 percent of mortgage loans were issued for the purchase of housing in new buildings, 40 percent - in the secondary market.
In 2017, this proportion has reversed.
The shift in demand towards secondary housing, in addition to rates, is also explained by falling prices in the finished housing segment. According to a study by CIAN, last year in 22 out of 37 large Russian cities the cost of secondary housing decreased.
Ready-made housing fell most of all in Volgograd (by 9.5 percent), Togliatti (8.9 percent) and Kaliningrad (7.2 percent), as well as in cities bordering Moscow (in Ryazan, Tver, Tula and Yaroslavl). In the primary market, the average check of a mortgage transaction increased last year - in monetary terms, the increase was 15 percent.
And already this year the minimum amount of the down payment has increased. Since 2018, the Central Bank of the Russian Federation has introduced increased reserve ratios for banks on loans with a low down payment (less than 20 percent).
The size of the average down payment has recently increased slightly, now it is about 35 percent of the cost of the apartment.
In Absolut Bank, for example, from January 1, the size of the minimum down payment was increased from 15 to 20 percent. Despite the increase in the minimum down payment, the number of applications for mortgage loans has been growing since January.
DOM.RF analysts note that the share of loans overdue by 90 days or more reached a minimum over the past three years.
In February 2018, it decreased to 2.19 percent of the total mortgage loans issued. Refinancing tools offered by banks help not to go into arrears. Rates under such programs are often close to those issued for new mortgages. According to the agency's forecasts, 1.3-1.4 million mortgage loans in the amount of 2.5-2.7 trillion rubles will be issued in 2018.
Low inflation and the projected reduction in the key rate will lead to further decline in mortgage rates.
Analysts estimate that by the end of 2018 they could fall to 8 percent.
President Vladimir Putin, in his Address to the Federal Assembly, noted that the average mortgage rate in Russia should drop to 7-8 percent, and should aim for 7.
Later, his aide Andrei Belousov said that the rate could drop to 7 percent by 2024.
Participants in the mortgage market believe that this will take less time. By the end of this year, the average rate may reach 8.5-9 percent per annum. Let's take a look from the other side, from the side of those who actually faced mortgages this year.
In order to get bank approval for a mortgage at the stated interest and with a minimum down payment, you need to be an impeccable divine creation, and only in this case everything will go perfectly.
Mortgage is a much more serious matter and painful than one might imagine before starting work on this issue.
In fact, after the bank considers the application, the rates grow and the most viable and promising amount of the down payment for a mortgage is from 40 percent.
Well, then the most action-packed begins: the choice of the property itself after the preliminary approval of the loan, unless you select the primary property in an LCD accredited by this bank.
The bank may not like the documents from the previous owners, the object itself, and much more.
For all deadlines. If we are talking about suburban real estate, which have been in great demand in recent years, it is much more difficult there. We will make a separate article about this - “How to buy a country house”.
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