Posted To: MND NewsWire
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…(read more)
