This week the economic news came in mixed as has been the case for all of 2015. New home sales were up, existing home sales were down. The gross domestic product was up, durable goods orders were down. But all in all our economy continues to improve and in her comments last night, Fed Chairman Janet Yellen said (and I paraphrase here) that we should expect rates to rise toward the end of the year as we see inflation creep back into the economic picture. So, it looks like 2015 will see rates stay low and 2016 will see them rise… if Ms. Yellen’s forecast comes to pass.

But what is on the mind of most Realtors® in the industry is the advent of the new Closing Disclosure. Here is a short course for all of you who don’t quite have it down yet: The lender has to have the loan COMPLETELY FINALIZED and the borrower must SIGN OFF on their FINALIZED CLOSING DISCLOSURE 3 days before closing. These changes took effect on ANY loan application (which includes a property address) taken ON or AFTER October 3rd. Call me for details as there are many aspects to the new TRID regulations. Starkey is ready to help you and your borrowers close on time and in compliance with all the new lending guidelines.

You can also check out the Consumer Finance website for more detailed information on the TRID guidelines.

This week Freddie Mac’s Primary Mortgage Market Survey for 30 year fixed rates came in at 4.06% paying .7 in discount points. Have a great weekend and call us so we can get you approved to buy.

This post is a guest blog contributed by Fernando Perez, Starkey Mortgage. Please contact him with all of your mortgage questions.