The article deals with the problems of mortgage lending in Russia. The goal of the article is to propose possible options for interest rate reduction of mortgage loans. The author investigates the causes of high interest rates of mortgage loans, proposes a method for calculating the effective interest rate for banks. The option for reducing the interest rates of mortgage loans has also been proposed, the arguments being supported by calculations. One of the proposed options is the compensation of the difference between the bank’s effective interest rate and actual interest rate, the latter being provided to the borrower out of the funds of the Reserve Fund of Russia or The Russian National Wealth Fund.