Mortgage Credit Availability in U.S. Increases in July
2015-08-07"Credit availability increased in July, mainly driven by higher-balance loan programs," said Mike Fratantoni, MBA's Chief Economist. "Many investors are fine tuning their cash-out refinance requirements to meet increasing borrower demand for home equity financing. Some investors increased the availability of low down payment loans."
MBA now reports on five total measures of credit availability as part of the monthly MCAI release: the Total Mortgage Credit Availability Index, the Conventional Mortgage Credit Availability Index, the Government Mortgage Credit Availability Index, the Conforming Mortgage Credit Availability Index, and the Jumbo Mortgage Credit Availability Index, with historical data back to 2011.
Of the four component indices, the Conventional MCAI saw the greatest loosening (up 5.2 percent over the month) followed by the Jumbo MCAI (up 4.7 percent), the Government MCAI (up 0.9 percent), and the Conforming MCAI (up 0.4 percent).
The Conforming and Jumbo indices have the same "base levels" as the Total MCAI (March 2012=100), while the Conventional and Government indices have adjusted "base levels" in March 2012. Using data from the MCAI and the Weekly Applications Survey, MBA calibrated the Conventional and Government indices to better represent where each index might fall in March 2012 (the "base period") relative to the Total=100 benchmark.
Source:http://www.worldpropertyjournal.com/real-estate-news/united-states/mortgage-credit-availability-mortgage-credit-availability-index-mcai-mortgage-bankers-association-mike-fratantoni-mortgage-rates-9271.php
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