Posted To: MND NewsWire

There was a significant loss of credit access in June. The Mortgage Bankers Association (MBA) says its Mortgage Credit Availability Index (MCAI) fell by 8.5 percent month-over-month to 118.8, its lowest level in nine months. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. All of the MCAI components moved lower. The Conventional MCAI decreased 17.1 percent, while the Government MCAI ticked down 1.4 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI declined 11.5 percent, and the Conforming MCAI fell by 23.5 percent. “Mortgage credit availability in June fell to its lowest level since September 2020, ending more than half a year of increasing credit supply. The overall credit availability…(read more)

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Source: Mortgage News Daily