Posted To: MND NewsWire

The Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) moved significantly higher in November, gaining 2.1 percent compared to October. The index measures borrower access to mortgage credit and has components for each of the major product types. A higher index number indicates that access is improving. The Index level for the month was 188.9. The Government MCAI increased by 2.9 percent and the Conventional MCAI moved 1.4 percent higher. The two components of the Conventional MCAI, the Jumbo MCAI and the Conforming MCAI rose 2.2 percent and 0.2 percent respectively. “Credit availability rose for the third straight month in November, with an increase in supply across all loan types ,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting…(read more)

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Source: Mortgage News Daily