Mortgage apps up 11.9%

[Ed Wood]

Mortgage apps up 11.9%

[Eric Black]

Many of these are a result of the Dodd-Frank changes that took affect on the 14th which lowers the borrower's DTI from 45%-43%. While 2% doesn't sound like much, for a lot of potential first time homebuyers these changes will knock them out of the pool. A lot of people rushing to get in before the changes kicked in.

Starting next week I believe you will see the rate drop significantly.