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Russian central bank sharply hikes rates (from 16%) to 18%, promises further tightening (www.reuters.com)

submitted 1 month ago by [email protected] to c/[email protected]

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[–] [email protected] 21 points 1 month ago* (last edited 1 month ago) (2 children)

Jesus, 18%.

If you had a $200k mortgage, you would be paying $3,000 in just interest every month. And that's assuming you get the central bank rate, you don't. Probably looking more at like 20% for a loan an individual can actually get.

Good luck opening or expanding a business with rates like that too.

[–] [email protected] 7 points 1 month ago* (last edited 1 month ago)

I looked up online calculators and it gives me 21.1% from sberbank. However it's just interest rate. And with additional fees it shows up to 24.4%. And you should bear in mind that actual terms tend to be worse. There is also a "military mortgage" which "starts from 18.9%", but it is not any better tbh.

Edit: apparently there are cheaper mortgages starting from 5% and 6% if you are buying "new property" that are labeled as "IT" and "family" ones. I don't know terms for those, but they are definitely not for everyone and they might have conditions which restrict those to a really small group of people. And you can't buy second hand property with those.

[–] [email protected] 6 points 1 month ago

Imagine trying to buy shit on credit in order to fire bomb Paris train stations with those kinds of rates.