Mortgage in January 2026: Record 430 Billion Rubles

According to preliminary data from VTB Bank (VTB), the first month of 2026 became a record in the entire history of mortgage market observations. The total amount of housing loans issued to Russians approached 430 billion rubles (approximately $4.8 billion at current rates). This figure is more than three times the volume of January 2025 issuances and 1.5 times that of January 2024. It is worth noting that in 2024 the key rate was not at peak levels, and government support programs were actively operating in the market.

The main reason for the record was a surge in demand for the «family mortgage» program ahead of new conditions taking effect on February 1. At VTB, the number of transactions for this product in January increased by about 60% compared to the beginning of 2025. The highest activity was recorded in Moscow, Moscow Region, and St. Petersburg, which accounted for about 40% of all loans issued.

Alexei Okhorzin, Senior Vice President, Head of Retail Business Products at VTB Bank, stated: «The traditional scenario of »December frenzy — January lull« did not work this year. Clients who did not manage to close a deal at the end of the year completed it in January, while others who had been hesitating made a final decision. As a result, a unique January peak formed, which blanketed Russia no less than the unprecedented snowfalls. Such a shift will certainly affect February statistics, but after a short pause we expect the market to return to steady growth.»

It should be recalled that as of February 1, 2026, the terms of the «family mortgage» program were changed. The innovations include:

• mandatory inclusion of the spouse as a co-borrower (except when the spouse is a foreign citizen);
• registration of children at the same address as the borrower;
• provision of the children«s SNILS (Russian social insurance number) to qualify for the subsidized loan.