Mortgage Credit Tightens, Government Programs Drive Change

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Posted To: MND NewsWire

The availability of mortgage credit at least as measured by the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) pulled back in September, with the government component of the index falling to the lowest level in four years . The MCAI registered 182.1 at month's end, an 0.8 percent decline. An increase in the index indicates a loosening of credit, a lower number indicates standards have tightened . The components, representing different loan programs, largely offset each other, making substantial moves in both directions. The Conventional MCAI rose 1.2 percent and one of its components, the Jumbo Index increased by 2.7 percent. The Conforming MCAI, the second part of the Conventional Index, decreased by 0.7 percent and the Government MCAI lost 2.5 percent. "Credit...(read more)

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