OREANDA-NEWS. February 04, 2011. The beginning of 2011 has been marked by a recovery of the mortgage market. The total amount of mortgage loans issued over the period has advanced 2.5x y-o-y, the Russian PM, Vladimir Putin said at a meeting dedicated to residential construction in Russian provinces. “The average mortgage rate has fallen, but it still relatively large: 13.2%. I believe it is quite overstated.

Of course it has declined, down from 14.4% to 13.2%, but we should do our best to cut it even further”, Putin said. According to the Prime Minister, the monthly average rate on ruble mortgages fell to 12.6% in November 2010, and the absolute minimum was recorded in 1Q2008: 12.4%. “We are generally trying to achieve these level”, the PM summarized.