Gref announced a decline in mortgage rates until the end of the year

The Chairman of the Board of Sberbank German Gref expects a decline in mortgage rates in Russia until the end of the year. He stated at the St. Petersburg international economic forum.

He said that the cost of mortgages depends on two components — the cost of financing and risks. “The cost of financing we can not influence” — he said (quoted by RIA news). “But I am convinced that this year rates will be reduced,” – said Gref, noting that the cost of financing depends on market situation.

At the same time, Gref stressed, you must work to reduce risks on the mortgage, for example, on transaction costs and reduce barriers for construction companies.

On 6 June, the Central Bank has published statistics according to which the weighted average rate on mortgage loans issued in April of this year was 12.94%. This was the highest figure since September last year (13,12%).

The message of the Central Bank noted that the increase in rates compared to the March figure was the decline in the level of subsidized premiums under the state program of support of mortgage lending.

The monitoring of the Central Bank, in General, the mortgage market in January—April, 2016 “demonstrated positive dynamics. During this period, banks provided borrowers 261 thousand mortgage loans totaling 446,5 billion rubles In comparison with indicators of last year, the funding increased by 49.8%.