Mortgage rates have gone down: is it worth taking out a loan for housing right now?

      On April 24, 2026, the Board of Directors of the Bank of Russia again reduced the key rate — by 0.5 percentage points to 14.5% per annum. This is already the eighth consecutive decrease; however, the regulator is not in a hurry to sharply ease the policy, fearing the risks of a reversal in the inflation trend. Banks are acting cautiously and only begin to adjust when they are convinced that the trend is indeed stable, especially since mortgages are a long-term product: loans are issued for 15–30 years, so rates take into account not only current conditions but also forecasts for years ahead, reports the portal 56orb.ru.

      Banks are already lowering rates. The first to respond to the regulator's signal was Sberbank. From April 27, market mortgage rates at the country's largest bank decreased by 0.2–1 percentage points depending on the size of the down payment. Now the minimum rates are:

      — 15.5% — for purchasing an apartment in a new building;

      — 15.8% — for secondary housing;

      — 17.2% — under the "Construction of Residential Buildings" program.

      Other major players are also expected to adjust their offers in line with the market.

      Current figures and forecasts. According to current data from analysts at the National Rating Agency (NRA), the weighted average rates for market mortgages at various banks today range from 15.9% to 20.7% per annum. Since the beginning of the year, they have already noticeably decreased: for new buildings — by 0.85 percentage points to 20.4%, for secondary housing — by 1.18 percentage points also to 20.4%, and for refinancing programs, the decline has been the most significant — by 3.33 percentage points, to an average of 19.04%.

      As for forecasts, experts agree: rates will continue to decline gradually. The National Rating Agency expects that in the coming month, the weighted average rates in the primary market will decrease to 19.8%, in the secondary market to 19%, and refinancing will be around 18.5%. A more significant reduction in loan costs, according to analysts, will occur in the second half of the year. The NRA believes that the main trend is a gradual decrease to the level of 16–17% per annum by the end of 2026, which will already allow for a serious increase in mortgage accessibility. At "Dom.RF," they even suggest that with a key rate of 12–13%, market mortgages could fall below the "psychological threshold" of 15% per annum by the end of this year or early next year.

      Demand and refinancing. It is important to understand that even with the current decrease in rates, the recovery of demand for housing will be gradual. "For mass market mortgage demand, a comfortable rate level remains around 10–12%, but achieving such values this year is unlikely," warns "Dom.RF." However, the increase in the number of borrowers interested in refinancing previously taken loans at high rates (which reached 21–29% in the summer of 2024) could become an important driver for the market in the second half of the year. According to estimates from "Expert RA," the potential volume of this segment could range from 0.5 to 1 trillion rubles.

      Mortgages are indeed becoming cheaper, but the decline in rates will likely be gradual rather than rapid. The most noticeable changes are expected in the second half of the year. Those considering refinancing their housing loans may want to start looking at bank offers, while for new purchases, it may be better to wait for a more pronounced downward trend.