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Kremlin on rising mortgage rates: we ensure economic stability

BY Reuters | ECONOMIC | 11/15/24 04:31 AM EST

MOSCOW, Nov 15 (Reuters) - The Kremlin on Friday said it was monitoring a rise in interest rates on mortgages but that Russia had taken measures to ensure macroeconomic stability.

The Russian central bank raised the key interest rate to 21% last month, the highest level in over 20 years, stating that it aims to curb inflation and citing high inflationary expectations among the population.

Russia's largest lender Sberbank raised rates on basic mortgage programmes by 3.5 percentage points from November 15 to 28.1-28.4%. (Reporting by Reuters; Writing by Anastasia Teterevleva; editing by Guy Faulconbridge)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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