Mortgage Credit Access Continues to Slide

Posted To: MND NewsWire

Mortgage credit access continued to inch down in May. The Mortgage Bankers Association said its Mortgage Credit Availability Index (MCAI) decreased to 121.4, down 0.8 percent from April. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index hit a recent peak of 128.4 in October 2015 and has declined almost exclusively since then. "Credit availability decreased for the third consecutive month in May," said Lynn Fisher, MBA's Vice President of Research and Economics. "Gains in credit availability caused by the continued roll-out of Fannie Mae and Freddie Mac low down payment programs were offset by modest tightening among government loan programs that serve borrowers in high cost areas." Of the four component...(read more)

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