Jumbo Credit Access Benefits From Recent Drop in Rates

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Posted To: MND NewsWire

Borrowers had a bit of an easier time getting a loan in March, especially those looking for Jumbo products. The Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) rose 1.1 percent from February to a reading of 182.1. A decline in the index indicates that lending standards are tightening while an increase means a loosening of credit. The Total MCAI has component indices representing various loan types. The Conventional MCAI increased 3.6 percent while the Government version was down 1.2 percent. The two sub-indices within the Conventional MCAI both moved higher. The Jumbo index increased 5.2 percent and the Conforming MCAI was up 1.4 percent. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting explained, "Credit availability increased in...(read more)

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