ST. PETERSBURG. July 5. /TASS/. Disbursements of mortgage loans under market programs in Russia dropped by 60% in the first half of 2024, head of the division in DOM.RF Grigory Zhirnov said at the Financial Congress of the Bank of Russia.

"The interest rate for the market-based mortgage loans was about 11% a year ago; now it is close to 18%. If we look at extension of mortgage loans in the first half of the last year and in the first half of this year - the drop is about 60%," Zhirnov said.

The rise in mortgage loan rates in market-based mortgage programs resulted in the significant drop of lending in Russia, he added.