Dmitry Medvedev: a "good enough" mortgage rate is 6–7 percent
On August, 24, Dmitry Medvedev, the President of Russia, has declared that, in his opinion, banks are quite capable even now to issue mortgage credits at 14 percent. The President has noticed that we could return to the pre-depression level for the next 2–3 years. Thus, he has declared, a "good enough" mortgage rate is not more than 6–7 percent.
“The official bank rate decreases, and it is quite good, it is positive. So, banks could issue mortgage credits at 14 percent. But they, unfortunately, still put their risks in rates”, – the head of the state has complained.
The President has noticed that now about 20 percent of people use a mortgage credit to solve their housing problems. “But it is necessary, that at least half of potential mortgage clients could get a credit and pay it off”.