The preferential mortgage rate in Russia will decrease from 9% to 7%. This decision was announced by Russian President Vladimir Putin during his speech at the plenary session of the St. Petersburg International Economic Forum.

According to the President, the term of the preferential mortgage program after the rate cut will continue until the end of this year.

Since the beginning of the war in Ukraine, Putin first proposed raising the mortgage rate to 12%, then lowering it to 9%.