Mortgage Credit Availability Lowest Since March 2013
The Mortgage Bankers Association (MBA) collects data on borrower eligibility (FICO, loan type, LTV, etc) and combines that with underwriting guidelines to determine whether mortgages are getting easier or harder to obtain. The result is the Mortgage Credit Availability Index (MCAI), and it fell to its lowest level since March 2013 today.
Is this big news? Not entirely. The most recent update didn't constitute a major departure from the previous number with October falling 0.5% to an index value of 102.
"Much higher mortgage rates and the worsening outlook for the housing market and economy are behind the continued tightening in credit availability,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Lenders continue to reduce their capacity and are eliminating
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