Jumbo Loan Availability Declined in October

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Posted To: MND NewsWire

Access to mortgage credit changed very little over the first nine months of 2017, and when there were increases, it seemed always to be the availability of jumbo mortgages driving them. The Mortgage Bankers Association said that the change in its Mortgage Credit Availability Index (MCAI) in for the 10th month was also the result of its Jumbo Index. This time it pushed the composite index down. The MCAI decreased 0.2 percent in October. To emphasize how small the changes have been, the Index, which was benchmarked at 100 in March 2012, started 2017 at 177.1. In October the level was 181.0. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. “Credit availability decreased only slightly in October and has been…(read more)

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