MOSCOW, August 8 Taking out a mortgage is not profitable now, it is better to rent housing, and free money should be put into a deposit at a high interest rate, former Russian Finance Minister and economist Mikhail Zadornov said in an interview.
«It's not profitable, it's better to rent now. If you have spare money, it's worth putting it on deposit at 19-20%, see how the market changes, where it will move,» he answered the question of whether it is worth taking out a mortgage now.
At the July meeting, the Bank of Russia, against the backdrop of accelerating inflation, raised the key rate to 18% from 16% per annum. Against this background, Russian banks began to raise rates: at Sberbank, the minimum rate on market mortgages is 20%, at VTB — 20.5%. At the same time, the average rate of the twenty largest mortgage banks in the country at the beginning of August was about 19.7% per annum.
At the same time, the average maximum rate on deposits of ten Russian banks that attract the largest volume of deposits from individuals in rubles, according to the results of the third ten-day period of July rose to the maximum since the end of March 2022 of 17.11%. 