The governmental decision to launch the 5% mortgage rate takes effect from today. Unfortuntely, those people who are already on the old 8% mortgage have no possibilities of reducing their rate to 5%. Furthermore, not all new apartments come under the 5% mortgage. The Chairman of the ruling party has announced that: “If investments and income from the bonds increase, mortgage rate will be reduced in phases”. As we have reported, the Government is providing the 5% mortgage for new apartments, to be built in the Ulaanbaatar “ger-district” developments and in outlying parts of town as well as across the country’s 21 provinces.