Mortgage rates will increase in 2023 due to the current economic situation. This is stated in the message of the experts of the IC “Dachny Season”, received by the editors of the “Realty Times”.
It is noted that despite the fact that the rate on preferential mortgages has increased, the conditions are still more favorable than on offers from banks. Thus, experts emphasize that if it is possible to take advantage of the terms of preferential mortgages before new adjustments to the program in 2024, it is worth doing it.
“Changes in family mortgages are of particular interest, as they can be additionally subsidized. Today, this moment plays an important role, because there are fewer and fewer programs on the market with minimum rates of less than 3%. Sberbank has already announced that from the end of December it will stop accepting applications for mortgage loans subsidized by developers, the rate of which does not exceed 3%. So a family mortgage is a profitable option for improving your living conditions, ”says Timur Dasaev, creative director of Dachny Sezon Insurance Company.
In general, the report notes, the extension of preferential mortgages until 2024 is an important decision, since most purchases in the primary market are provided through preferential programs. If we talk about mortgages in general, it is expected that in 2023 at least half of the transactions in the primary housing segment will take place with the attraction of credit funds. Among apartments, the share will be even higher – up to 70%. The National Rating Agency is sure that under a positive scenario, the volume of mortgages issued in 2023 will grow by 10-15%, and under a negative scenario, it will be at the level of 2022 or slightly lower.
“Today, it is impossible not to note the growth of mortgage rates. It is influenced by various factors. This is an increase in the rate on preferential mortgages, and the key rate set by the Central Bank, and the inflation rate. In 2023, the key rate is projected at 6.5%-8.5%, while inflation is expected to be in the range of 5-7%. If the forecasts are correct, then in 2023 mortgage rates on new buildings and second homes will continue to rise, ”the company’s text says.
We previously reported that market mortgage rates will not change in 2023.
Home Mortgage Rates Will Continue to Rise in 2023 – Summer Season appeared first on the Realty Times.