Mortgage Lending in January-September 2021

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Сandidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In Q3 2021, there was a decline in the volume of mortgage lending for the first time since the outbreak of the pandemic, due to an increase in interest rates, as well as changes in the terms of preferential state-supported mortgage programs. In the near future, in the absence of significant change from current trends in the economy and continued extension of state support for preferential programs, we should expect the restoration of sustainable growth in the mortgage market.

Key words: mortgage lending, subsidized mortgage programs, mortgage lending market overheating.

JEL-codes: E58, G21, G28.