Credit Availability Climbs to Three-Month High in May

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Posted To: MND NewsWire

An increase availability of high balance loans helped drive the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) to a three-month high in May. MBA said the Index rose 1.5 percent to 180.6. An increase in the MCAI is indicative of loosening credit standards while a decline means those standards are tightening. All four components of the MCAI posted increases. The Conventional MCAI rose 2.0 percent from the April level and the Government index was up 1.0 percent. The Jumbo index and the Conforming Index were up 2.2 percent and 1.9 percent respectively. “The expansion of offerings across all loan types drove credit availability to its highest level in three months,” Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said. “In particular…(read more)

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