Posted To: MND NewsWire

Access to jumbo mortgages increased nearly 6 percent in September, pulling the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) higher for the third straight month. The index rose 1.5 percent to 125.6, its highest level since May. An increase in the index indicates a loosening of credit standards. The index was benchmarked to 100 in March 2012. The Conventional MCAI increased 4.5 percent, while the Government MCAI decreased 0.7 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI was 5.8 percent higher, and the Conforming MCAI rose by 2.6 percent. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “Last month’s expansion was driven by a 4.5 percent increase in the conventional index, while the government…(read more)

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Source: Mortgage News Daily