The Kremlin ended a generous mortgage subsidies programme on July that is expected to cool the housing market and construction business and become a tool for bring down painfully high inflation. Banks have been offering deals with an 8% interest rate in June against the 18% central bank prime borrowing costs and 9% inflation rates in a deal that Russians have been snapping up. June saw a spike in borrowing as Russians rushed to close a mortgage deal before the deadline. The mortgage portfolio expanded by 3.1% over the month, compared to 1.7% in May, according to preliminary data. Until then su…