Sberbank lowered mortgage rates

The mortgage rate at Sberbank for new buildings and secondary housing decreased to 16.9%, this became possible after the reduction of the key rate of the Central Bank to 17%.The bank has raised mortgage rates three times since the end of February

Sberbank lowered the mortgage rate by 2.1% to 16.9%, the change affected new buildings and the secondary market - these categories are the most popular mortgage loans, the bank said in a message to RBC.

“For clients who have previously submitted applications on the same terms and received the approval of the bank, the rates will be revised automatically upon entering the transaction,” Sberbank noted.

This decision was made after the reduction of the key rate by the Central Bank to 17%, said Nikolai Vasev, Vice President of Sberbank. At the same time, the bank did not change the terms of the preferential mortgage programs, noting that the rates under the State Support 2020 program, the Far East and family mortgages are below the benchmarks set by the government.

In total, in the first quarter of this year, Sberbank issued mortgage loans totaling 800 billion rubles.

Rising prices and new mortgages: results of the first quarter in the market of new buildings

The Central Bank at the end of February raised the key rate from 9.5 to 20%, and at the beginning of April lowered it by 3 percentage points to 17%. “Risks to financial stability remain, but to date have ceased to grow, including due to the measures taken to control the movement of capital. There is a steady inflow of funds for term deposits,” the Bank of RUSSIA noted.

The regulator then warned that annual inflation would continue to grow, but the latest data indicate a significant slowdown in the current rate of price growth, including due to the dynamics of the ruble exchange rate.

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From early February to early March, Sberbank raised the cost of mortgages three times: conditions deteriorated on February 1 (from 9.3 to 10.3%), February 18 (up to 11.3%) and March 1 (up to 18.6%). The last time the rates on the main mortgage programs rose by 7.3 percentage points at once, the bank explained this by “adaptation to market conditions”. All bids approved under the same conditions, contracts for which customers did not sign by March 30, were cancelled.