Posted To: MND NewsWire
The Mortgage Credit Access Index (MCAI), the Mortgage Bankers Association’s (MBA’s) measure of credit availability, rose 1.4 percent in May to a 129.9 reading. An increase in the index indicates a loosening of mortgage underwriting standards. The Conventional MCAI increased 3.5 percent, while the Government MCAI decreased by 0.3 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI rose 5.1 percent, and the Conforming MCAI by 1.6 percent. “Mortgage credit availability in May increased to its highest level since near the start of the pandemic, but still remained at 2014 levels. The increase was driven by a 3 percent gain in the conventional segment of the market, with a rise in the supply of ARMs and cash-out refinances. This is consistent with the uptick in mortgage rates…(read more)
Source: Mortgage News Daily
