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Mortgage Credit Availability Up In March

WRE News April 9, 2024

Buyer

Mortgage Credit Availability Up In March

Mortgage credit availability increased last month, according to new data from the Mortgage Bankers Association (MBA).

The trade group’s Mortgage Credit Availability Index (MCAI) was up by 1.1% in March to 93.9; the index was benchmarked to 100 in March 2012. The Conventional MCAI increased 2.1% while the Government MCAI dipped by 0.1%. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 2.6% and the Conforming MCAI rose by 1.2%.

“Credit availability increased in March, driven by growth in conventional credit. There were increased offerings of cash-out refinance loan programs across fixed rate and ARM loans, as well as for all occupancy types,” Joel Kan, MBA’s vice president and deputy chief economist. “Although credit supply increased for the third consecutive month, it remains low at nearly 7% below a year ago and still close to 2012 lows. The jumbo index grew 2.6% last month and was the only component seeing credit supply higher than a year ago. Growth in jumbo credit availability was driven by both non-QM and super conforming loan programs.”

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Mortgage Credit Availability Up In March

Recent Blog Posts

Rancho Neighborhood of Los Altos

New Ideas For U.S. Travelers, Thanks To Canada’s Musicians

Your Phone Is A Breeding Ground For Fecal Bacteria. This Is How To Keep It Clean And Prevent Getting Sick

How Vitamin B12 Could Give You An Energy Boost

Study: Homeowners Spend Roughly $24,000 Per Year on Non-Mortgage Housing Expenses

Home Equity Level Held Steady in Q4

We are Your GPS to Success Let’s Get Started

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