Posted To: MND NewsWire

While it did dip a bit last month, the availability of mortgage credit appears to be stabilizing , having moved only slightly over the last three months. The Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) was down 0.1 percent in December, to a reading of 122.1. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The MCAI was at 181.3 in February 2020 as news of the pandemic broke. It declined by 16.1 percent in March and another 12.2 percent in April. Subsequent smaller decreases ultimately took the index to 118.6 in September before it began what is so far a hesitant recovery . The index has four components based on loan types. The Conventional MCAI decreased 2.8 percent in…(read more)

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Source: Mortgage News Daily