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Credit Access Remains Tight; Shift to Cash-Out Apparent; Delinquencies Down

Credit Access Remains Tight; Shift to Cash-Out Apparent; Delinquencies Down

Mortgage credit availability did little to crawl back to pre-pandemic levels last month. The Mortgage Bankers Association said its Mortgage Credit Availability Index (MCAI) inched up only 0.1 percent in October to 125.7. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. Two of the MCAI's component index were flat while the remaining two did make large and offsetting changes. The Conventional MCAI increased 0.1 percent, while the Government MCAI was unchanged. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 4.1 percent, and the Conforming MCAI fell by 6.0 percent. "Credit availability inched forward in October, but the overall index was 30 percent lower than February 2020 and
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