Lower Rates Boost Jumbo Credit Access

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Posted To: MND NewsWire

A big jump in jumbo loan lending drove an increase in mortgage credit availability in April. The Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) rose 2.1 percent in April to 186.1. An increase in the index indicates that lending standards are loosening. The Conventional MCAI increased 4.3 percent largely because of a 6.8 percent surge in its Jumbo Index component. The second Conventional component, the Conforming MCAI, was up a more modest 1.2 percent. The Government MCAI was unchanged. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “Credit supply increased 2 percent in April and was driven by a 7 percent gain in the jumbo index , which reached its highest level since the beginning of the MCAI in 2011. Additionally, investors continued…(read more)

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