Mortgage Lending Volume Halves in October

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In October 2026, Russian banks issued mortgages worth 308 billion rubles ($3.5 billion), almost half the amount disbursed in the same month a year earlier, according to data from Frank RG cited by Kommersant.

The October result was the lowest since June 2025. The number of mortgages issued also dropped by 40%, to 75,500.

Experts attributed the decline to a surge in mortgage lending in September ahead of changes to the eligibility criteria for the Family Mortgage Program (a state-supported program aimed at helping families with children buy homes). In September, mortgages worth 608 billion rubles ($6.9 billion) were issued, the highest monthly total for the year.

In other segments of consumer lending, the dynamics were less pronounced. For example, the volume of cash loans fell by 1.2% to 510 billion rubles ($5.8 billion), auto loans increased by 6.4% to 191 billion rubles ($2.2 billion), and point-of-sale (POS) loans rose by 1% to 24 billion rubles ($275 million).