Government Lending Standards Tighter; Hurricanes Skewing Delinquency; Rates Highest in 6 Months
A decline in each of its four component indices, especially the one measuring the availability of government-backed loans, drove overall mortgage credit availability lower in December according to the Mortgage Bankers Association (MBA). The group's Mortgage Credit Availability Index (MCAI) dropped by 1.8 percent to a reading of 179.2. A decline in the MCAI indicates tightening lending standards while an increase is indicative of loosening credit. The component measuring credit available in the government sector was down 2.6 percent in December. The Government MCAI has been trending down for most of 2017 after peaking at about 450. The index now appears, (MBA provides only percentages and graphs for the components, not numbers) to be around 430. The Conventional MCAI was also down, by 0.7 percent
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