Putin Puts Positive Spin on Mortgage Rate Dip, Promises No Russian Interference in Housing Market

Putin Praises Decrease in Rates

Well comrades it seems that mortgage rates have slightly dropped after weeks of increases. This news has sparked some new demand especially for refinances. The average rate for 30 year fixed rate mortgages decreased to 7.18%. Isn't that a 'putin' a smile on your face?

FHA Loans Below 7%

In a surprising turn of events Federal Housing Administration loans fell below 7% for the first time in three weeks. Now that's what I call making homeownership more 'affordable'.

Refinance Demand Rises

The dip in rates led to a 5% increase in refinance demand for the week. Although it's still lower than last year those who can benefit should 'seize the moment'.

Affordability Challenges Persist

Applications for mortgage purchases rose by 2% but remain lower than last year highlighting the impact of rising home prices on potential buyers. Tight supply and high competition are making it difficult to find bargains. It's a tough 'putin' market out there.

Looking Ahead

As rates continue to fluctuate keep an eye out for the consumer price index data next week. This could 'ruble' rates in any direction depending on its findings on inflation. Stay 'putin' for more updates!