Mortgage Credit Availability Rises Again
March 8, 2019
The Mortgage Credit Availability Index (MCAI) was on the rise last month, according to data released by the Mortgage Bankers Association (MBA).
During February, the MCAI rose 0.6 percent to 180.1. Both the Conventional MCAI and Government MCAI were up by 1.1 percent and 0.1 percent, respectively. The component indices of the Conventional MCAI had mixed results: The Jumbo MCAI increased by 2.2 percent but the Conforming MCAI fell by 0.2 percent.
“Credit availability increased in February as a result of new jumbo offerings brought to the market, both for agency jumbo and non-agency jumbo programs,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “We also saw some expansion in credit for borrowers with lower credit scores and higher LTVs, although credit availability for government programs remains tighter following the scaling back of VA refinance programs.”
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