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Mortgage rates expected to drop below 10% by year-end - Russian Economy Minister

September 24, 1:20 UTC+3 NOVO-OGAREVO

Affordability of housing purchases for the population has increased over the last decade, Minister of Economic Development Maxim Oreshkin said

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NOVO-OGAREVO, September 23. /TASS/. Mortgage lending is expected to grow and the rate will decline below 10% by the end of the year, Russian Minister of Economic Development Maxim Oreshkin said at a meeting with President Vladimir Putin on Saturday.

"The latest rate is 11% but Sberbank and other major Russian banks initiated a major rate cut actually during the last month. Their rates have already declined below 10%. That is why I believe the actual rate will be less than 10% by the end of this year. In particular, this will make possible to boost lending volumes," Oreshkin said.

Affordability of housing purchases for the population has increased over the last decade, the minister added.

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