Mortgages will be difficult to access

In the near future, citizens can hardly count on the government promised low-cost mortgages. According to the forecast of the Agency for Housing Mortgage Lending (HMLA), the rate of decline in mortgage interest rates in 2011 will be two times lower than the previous year. Until the end, the average rate for Ruble loans, even with a favorable development of the market will decline only 0.6 percentage points to 11.8%. About this newspaper Kommersant on Friday, April 22. Support Program for mortgages through Vnesheconombank on which the Government allocated 250 billion rubles. Has exhausted itself, ascertain market participants: to continue to reduce rates further to stimulate the state. On Thursday, April 21, HMLA announced forecast value of mortgage loans in 2011. According to the deputy director general of HMLA Andrew Semeniuk, the end of 2011 the average interest rate on your mortgage the ruble may drop by only 0.6 percentage points to 11.8% per annum. "Reduction is not so rapid as in 2010," - said Mr. Semeniuk. In the past year, according to HMLA, average rates on ruble mortgage dropped 1.2 percentage points, from 14,3% in 2009 to 13.1% at the end of 2010. As explained by analyst HMLA Michael Goldberg, the level of rates at the end of 2011 was determined based on the prediction of the basic macroeconomic parameters, increased competition in the market and the effect of government programs encourage mortgage. "This level of rates corresponds to a favorable embodiment of the market" - sums up to the HMLA. Projected agency level of interest rates, though lower than it was before the crisis (up to March the average interest rates on ruble mortgage back to pre-crisis level - 12,4%, at the same level they were in the first quarter of 2008), but still higher than level, which the government considers acceptable. On Wednesday, speaking in the Duma, Prime Minister Vladimir Putin said that the current level of interest rates sufficiently low. "It's still expensive loan, which is why it was decided to form an affordable mortgage product" - he said, recalling that in 2010 it was decided to allocate 250 billion rubles. to support the mortgage under the program Vnesheconombank. Its essence is to refinance the state banks issuing mortgages in the primary market at rates not higher than 11% per annum, through the redemption of their mortgage bonds. According to Mr. Putin, at full power program to be launched in 2011-2012. However, judging by the forecast HMLA, in 2011, this most likely will not happen. Predictions about the same when mortgage rates reached an optimum, according to authorities, the level of 5-6% pa, market participants and does make it difficult. Forecast HMLA quite realistic, and expect a significant reduction in the average market rates from the exit program EBV at full power is not worth it, experts state. "VEB program is designed only for the primary market, but such housing are small, so expect its significant effect on reducing the average market interest rates on mortgages even when the output at full power is not worth it", - said deputy president of the bank's "Opening" Igor Duda. According to him, the market prospects for a rate cut to 6.5% released by the Prime Minister, now just does not exist. To rate decreased to a level required subsidy or regulatory measures. "VEB program was timely, it had already reduced the rate to the current level, - said deputy president of the GPB-Mortgage" Alexander Egorov .- The prospects of further rate reductions - it is no longer a question of banks, they will depend on the cost and availability of long-term money demand. If EBV is ready to refinance a mortgage at 5%, then the banks, in turn, will after some time to lower interest rates to that level. " "It's hard to imagine someone today without any additional incentive gave out loans at rates lower than the refinancing rate (8%), - agrees to the head of mortgage UniCreditBank Ivan Vedenisov .- While the cost of raising resources by banks does not reach the declared interest of 6% macroeconomic situation does not allow banks to lend at rates promulgated by Mr Putin. "