One half of the leading banks reported a notable rise in mortgage rates over the week, with increases ranging from about 1.5 to 3 percentage points on average. The shift was highlighted in market commentary that frames these changes as part of the broader tracking data for the financial sector.
Across August 15 through August 22, the 15 largest banks in the market—among them Sberbank, VTB, Rosbank, and Tinkoff—adjusted their lending terms higher. The typical annualized mortgage rate climbed to the mid-teens, around 14 percent, signaling a move that many lenders see as aligning with tighter funding costs and evolving risk assessments.
This tightening followed an extraordinary gathering of banking regulators, during which the central bank increased its key policy rate sharply from 8.5 percent to 12 percent. The sequence suggests a coordinated response to inflation pressures and to bolster financial stability in the face of shifting macroeconomic conditions.
Industry analysts note that the rate uptick sits within the range of conventional mortgage products, particularly for second homes and newly constructed properties. Dmitry Safronov, who leads the Sravni Mortgage division, observed that the rise is consistent with standard mortgage schemes offered to borrowers within these segments. The same view is echoed by other market participants who stress the importance of monitoring how lenders price risk in a higher-rate environment.
Forecasts point to softer demand for many market-based mortgage programs as borrowers recalibrate to higher monthly payments. In contrast, there is growing interest in government-backed preferential programs designed to support buyers who meet specific eligibility criteria. Irina Nosova, Senior Director of the ACRA Financial Institutions Rating Group, cautions that there is no reason to expect a dramatic rebound in demand until rate expectations settle and borrowers gain clarity on financing costs.
Nosova also notes that even a modest further reduction in appetite for mortgage lending could translate into a measurable increase in monthly payments for some borrowers, underscoring the real-world impact of policy shifts on household budgets. The expected effect is a gentle cooling of activity, rather than a sudden collapse, as buyers and lenders navigate the higher-cost landscape together.
Aleksey Krichevsky, a finance expert, emphasizes that the secondary mortgage market has faced sustainability challenges. He points to rising interest in new-build purchases and rental demand as indicators of shifting consumer behavior, with real estate prices already reflecting a 2–5 percent uptick in certain segments. Banks have stated they will preserve rates on applications that were already approved for a brief period, providing a window of stability for those borrowers.
In the United States and Canada, mortgage markets have moved in parallel with tightening credit conditions and elevated daily costs of funds. The recent global pattern shows a synchronized response where higher policy rates and tighter lending standards translate into higher mortgage rates and more pronounced monthly payments for new borrowers. While some regions experience a slower pace of change, the overall direction points toward a continued emphasis on risk management and affordability programs that help qualified buyers access home financing in a high-rate environment. Market observers advise homeowners and prospective buyers to stay informed about program terms, rate caps, and subsidy options that can soften the impact of rate increases over time.
In sum, lenders are adjusting to a higher-rate regime with a cautious but steady approach. The focus remains on preserving lending capacity while steering borrowers toward reasonable debt levels. Market watchers expect rates to stabilize gradually as regulators and banks balance inflation control with sustainable housing finance. Substantial attention will continue to be paid to housing affordability, the performance of government-backed programs, and the evolving mix of loan products offered to buyers across North America. (Source: market updates and regulator communications; attribution to sector analysts and lending institutions.)