“I think as far as buyers go, to them TRID is kind of a non-issue,” Rick Gilbert, owner of RatePro Mortgage, told Mortgage Professional America. “Right now business is steady as she goes; we’re not seeing a major increase in applications, but it’s level.”
According to the Mortgage Bankers Association’s weekly mortgage applications survey, applications were up 6.2% week-over-week for the week ending November 13.
That uptick follows weeks of decreases.
Last week’s survey showed a 1.3% decrease week-over-week for the week ending November 6; the week prior to that showed a 0.8% week-over-week increase.
So it seems buyers are adapting to the post-TRID environment.
And while applications may be up, the refinance share of market fell to 58.6% from 59.8%.
Rates, meanwhile, showed increases across the board; this could be the market pricing in the expected Fed rate hike next month.
The average interest rate for 30-year fixed-rate conforming loans increased to 4.18% from 4.12%. That’s the highest average rate since July.
The average 30-year fixed-rate for jumbo loans increased to 4.05% from 4.04%.
Finally, the average 30-year fixed-rate for FHA
loans increased to 3.9% from 3.87%.
Applications have rebounded -- following weeks of declines many blamed on TRID -- proving that clients, perhaps, aren’t as put off by the possibility of delays than previously thought.