OREANDA-NEWS On February 28, the Central Bank of Russia raised the key rate to 20%, after Western countries imposed sanctions against the regulator. In a conversation with the "Secret of the Firm", Georgy Ostapkovich, director of the Center for Market Research at the Institute for Statistical Research and Economics of Knowledge of the Higher School of Economics, predicted an increase in mortgage rates to 26-28% due to an increase in the key rate. At the same time, the Central Bank may lower the rate again in the near future, the expert believes.

"If 20% is the key rate, then the mortgage will rise (by another) 8%. This (rate) is 28%," Ostapkovich said.

The expert allowed the mortgage market to fall due to the rate increase. "If (the rate) is 26-28%, of course, there will be a drop (in the mortgage market)," he believes.

Ostapkovich recalled the situation in 2015, when the Central Bank sharply raised the rate from 10 to 17% amid the crisis. The regulator may also sharply lower the indicator, the expert added.

"The central Bank is now in a zone of huge uncertainty. He probably doesn't know what to do. Therefore, he will now make some decisions with the government. I am sure that they will find some way, some management scheme," the expert said.

Ostapkovich offered to wait "a week and a half" until the new decisions of the Central Bank. "Now (head of the Central Bank Elvira) Nabiullina and (Finance Minister Anton) Siluanov cannot guarantee to assess the situation," the expert added.