RIA NOVOSTI. Russian authorities will strive to have mortgage lending rates lowered to 5—6%, Russian Prime Minister Vladimir Putin noted. “We certainly need to continue to cut inflation, create a favorable macroeconomic environment and conditions so that the cost of mortgage loans goes down. Longer term, the goal is to have mortgage rates of 5—6%," the prime minister said delivering a report on the government’s work performed in 2010 in the State Duma.
In 2009 the annual average rate on mortgage loans in rubles stood at 14.3% and 13.1% in 2010. “Currently, in April 2011, a mortgage loan could be taken at 12.5%… although this is certainly not sufficient, this is still an expensive credit," the prime minister stated.
