The central bank raised its key rate to 5 percent. Experts assessed the impact of this decision on mortgage rates and other banking products.
The Bank of Russia raised the key rate by 0.5 percent at once, today it is 5%. This became known the day before, on April 23. This is the second increase in the rate in a row; on March 19, the Central Bank increased it from 4.25% to 4.5%.
As the head of the Central Bank Elvira Nabiullina explained, it was impossible to hesitate in raising the key rate, since in the future it would be necessary to tighten monetary policy. The economy will be able to return to the pre-crisis level in the second half of the year.
The forecast for inflation was also adjusted: by the end of 2021, it should be from 4.7 to 5.2 percent – this is a percentage higher than the February expectations. A return to neutral rates will help bring inflation down to 4% next year, experts say.
The increase in the key rate will not have a significant impact on mortgage rates, analysts are sure, but it can provoke an increase in the associated costs associated with the registration of the mortgage.
Note that in the Volgograd region there are measures to support families when buying apartments on a mortgage. Who is entitled to benefits previously wrote “MK in Volgograd”.
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