Optimistic stats point to post-TRID bounce back

by Justin da Rosa19 Nov 2015
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.

“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%.


  • by Robert from New York | 11/21/2015 3:06:02 PM

    Did it ever occur to you that the reason people are applying is because of the talk of rates moving up. I am in this business over 30 years and have conversations with each of my customers. Statistics do not explain the reason for stability, speaking with customers do. The non stop regulation changing is not helping, it is making it more expensive and aggrivating to the consumer.


Should CFPB have more supervision over credit agencies?