Jumbo and Conventional Loans Easier to Obtain; Volatile Rates, But Next Week Could Be Worse

Jumbo and Conventional Loans Easier to Obtain; Volatile Rates, But Next Week Could Be Worse

Access to jumbo mortgage credit continued to increase in November, but the Mortgage Bankers Association (MBA) says it is still down significantly from pre-pandemic levels . Overall access fell during the month according to MBA's Mortgage Credit Availability Index (MCAI) which dipped by 0.6 percent. The decrease, however, was due solely to a constriction on the government loan side. The MCAI was at 124.9 in November. In February 2020, as the pandemic was taking hold, it had a reading of 181.3. A decline in the index is indicative of tightening credit. The index has four components. The Conventional MCAI increased 1.9 percent last month , while the Government MCAI decreased by 2.7 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 3.0 percent, and the Conforming