Issuance of family mortgages in Russia fell sharply after the program's terms were changed.
In October, Russian banks issued mortgage loans worth 308.8 billion rubles - almost half of September's volume and the least since February 2026, according to Frank RG data. The number of loans decreased by almost 40%, to 75.5 thousand.
The main drop was in benefit plans. According to Kommersant, based on VTB data, the issuance of mortgages with state support decreased by about two-thirds, to 145 billion rubles, including family mortgages - by 77%, to 92 billion. Mortgages in the market decreased significantly less - by 9%, to 163 billion rubles.
The reduction is due to changes in the terms of family mortgages as of October 1. For families with one or two children, rates rose to 8%-12% per year, affecting most former program participants.
After the spike in demand in September, the mortgage market is undergoing restructuring. Industry participants expect the plans' market share to grow, but high rates continue to limit their availability.