Published on: 2026-11-05
Source: Mainfin Bank –
An important disclaimer is at the bottom of this article.
Gazprombank, DOM.RF Bank and PSB In October, market rates were increased mortgage by 0.2-0.5 percentage points. The changes affected the purchase of apartments, countryside real estate, and refinancing. This is evidenced by the materials of DOM.RF regarding the proposals of credit organizations. At the same time, there is no mass increase yet: the average rates of the largest banks changed slightly.
Since October 15, Gazprombank has raised the rates for purchasing finished housing, apartments in new buildings, and refinancing by 0.2 percentage points – up to 17.9% per annum. For loans less than seven million rubles, a higher rate of 18.9% applies. Therefore, the bank’s minimum rate offer is not available to every borrower.
DOM.RF Bank has increased the cost of market programs by 0.5 percentage points. A mortgage for an apartment on the primary or secondary market is now offered from 18.8% per annum, for house construction – from 19.5%, for purchasing a ready private house – from 19.7%. These values are given without individual discounts and surcharges.
PSB changed the terms starting from October 2nd. Rates for purchasing apartments in new buildings and ready housing increased by 0.44 percentage points, to 18.49%. Refinancing became more expensive by 0.2 percentage points, to 17.99%.
However, individual decisions by banks have so far had almost no impact on average market indicators. From September 11 to October 16, the average mortgage rate at the twenty largest banks increased by 0.03 percentage points for new buildings – reaching 18.76%. For existing housing, the increase was 0.02 percentage points – up to 18.69%.
Why mortgage rates rise without an increase in the key rate
Banks revise the cost of loans not only following the decisions of the Central Bank. For them, the cost of funding is important — the price of attracting money, which is then directed towards issuing loans. If deposits and other sources of financing become more expensive, there are fewer opportunities to reduce mortgage rates.
The Deputy Chairman of the Management Board of DOM.RF Bank, Alexey Kosyakov, linked the October decision to changes in market conditions following the September meeting of the Central Bank. At that time, the regulator kept the key rate at 14%, after which the yield on ten-year OFZs increased, and deposit rates rose for certain terms. Meanwhile, the bank maintained other lending conditions and existing client discounts.
The Managing Director of the rating agency NCR, Mikhail Doronkin, believes the increase is partly a reaction to the rising cost of funding. Additionally, banks may strive to maintain the profitability of the mortgage business amid the expected decline in demand for preferential programs.
Additional clarity was provided by the already held meeting of the Central Bank: on October 23, the regulator for the second consecutive time left the key rate at 14% per annum. The Bank of Russia noted increased price pressure and high inflation expectations. The next scheduled rate decision is set for December 18.
At the same time, maintaining the key rate does not imply a promise of soon cheaper loans. The Central Bank has raised its forecast for the average level to 12.5-13.5% for 2027. This indicates a longer period of strict monetary conditions than was previously anticipated.
How the change in family mortgage has affected demand
The October revision of market rates followed an especially active September. According to DOM.RF’s preliminary estimate, banks issued 125 thousand housing loans totaling 614 billion rubles in the month—the highest volume since early 2026. Compared to August, the amount issued increased by 54%, and the number of contracts by 46%.
The main contribution came from programs with state support. They accounted for 441 billion rubles, or 72% of the total amount of mortgage issuances. A month earlier, the share was 56%. Market participants associated the surge with borrowers’ desire to obtain a family mortgage before the rules changed from October 1st.
After the program revision, the rate became dependent on the number of children and the region of purchase. For a family with one child under seven years old, it is 10%; with two children – 8%; with three – 6%; with four – 4%; with five or more – 2%. In Moscow, St. Petersburg, Moscow and Leningrad regions, a surcharge of two percentage points is established. For the construction of an individual house, the rate remains 6% regardless of the number of children and region.
The maximum loan amounts have also changed: in most regions, they range from six to ten million rubles, and in four capital regions—from 12 to 18 million rubles. Government subsidies are limited to 15 years. If the contract is concluded for a longer term, the rate may increase within the program rules after the preferential period ends.
Marina Zabotina, Director of the Mortgage Business Department at PSB, reported that in October the average daily number of applications for market programs increased by 60% compared to September. She primarily attributes this to more targeted conditions for family mortgages. Thus, some buyers continue to seek credit even if their previous preferential rate is no longer available to them.
At the same time, an increase in the number of applications cannot automatically be considered an increase in the number of future deals. Borrowers may apply to several banks simultaneously, compare conditions, and postpone the purchase after calculating the payment.
Is it worth expecting a new wave of increases
Dorokin: Against the backdrop of changes in family mortgages, some lenders, together with major developers, may offer promotions with reduced rates to support sales. Therefore, conditions even within a single market can move in different directions.
The head of the “Mortgage Bureau,” Kamila Fazlyeva, considers the main limitation to be the combination of high housing prices and expensive credit. In her assessment, even a reduction in rates by one or two percentage points will not solve the affordability problem for most buyers. For a sustainable recovery in demand, an increase in the population’s income is important.
Results:
- Gazprombank, DOM.RF Bank, and PSB raised interest rates on certain market mortgage programs by 0.2–0.5 percentage points in October.
- There is no mass price increase yet: as of October 16, the average rates of the largest banks were 18.76% for new buildings and 18.69% for ready housing.
- Banks take into account not only the key interest rate but also the cost of attracting funds, bond yields, and changes in demand.
- On October 23, the Central Bank kept the key rate at 14%. The next scheduled meeting will take place on December 18.
- After the revision of the family mortgage, some clients are considering market programs, but the high cost of housing and monthly payments limits the number of deals.
- Experts do not expect a mandatory increase in rates across the entire market: both targeted surcharges and joint actions by banks and developers are possible.
11:00 27.10.2026
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