Mortgage Credit Availability At 9-Month High
WRE News August 14, 2024
Buyer
WRE News August 14, 2024
Buyer
Mortgage credit availability was on the rise last month, according to data from the Mortgage Bankers Association (MBA).
The trade group’s Mortgage Credit Availability Index (MCAI) was up by 3.3% to 98.1 in July; the index was benchmarked to 100 in March 2012. The Conventional MCAI increased 6.4% while the Government MCAI dipped by 0.1%. Of the component indices of the Conventional MCAI, the Jumbo MCAI soared by 9.3% and the Conforming MCAI inched up by 0.7%.
“Overall credit availability grew to its highest level since October 2023, driven by increased conventional loan offerings such as ARMs and cash-out refinance loans,” said Joel Kan, MBA’s vice president and deputy chief economist. “We also saw credit supply expand for jumbo loans, particularly in the non-QM space. Industry capacity has been low for some time, but we have now seen more than six months of credit expansion, which should be supportive for homebuyers and refinance borrowers, as rates have declined in recent weeks.”
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