Changes to government mortgage programs last month drove down overall mortgage credit availability. Jumbo credit conditions, however, were looser.
As of September, the Mortgage Credit Availability Index was 182.1. The MCAI is a standardized quantitative index for mortgage credit.
The MCAI, which was benchmarked at 100 in March 2012, descended 0.8 percent from the preceding month — when it was also lower.
Source: Mortgage Daily