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MBA: Mortgage credit availability tightens in April

High balance and jumbo loans tightened

Mortgage credit availability decreased in April by 0.89% to 122.4, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index, which analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool.

Jumbo MCAI caused most of the decline, when it tightened by 1.4% over the month. The Conventional MCAI decreased by 1%, and the Government MCAI decreased by 0.7%. The Conforming MCAI, however, increased by 0.1%.

“Mortgage credit became less available in April as a result of two opposing trends, resulting in a net decrease to the index,” said Lynn Fisher, MBA’s Vice President of Research and Economics.

“Investors continued to roll out Fannie Mae and Freddie Mac’s low down payment loan programs, which had a loosening effect on credit availability,” Fisher said. “However, this was more than offset by tightening among high balance and jumbo loan programs.”

In its monthly release, MBA now reports on five measures of credit availability: the Total Mortgage Credit Availability Index, the Conventional Mortgage Credit Availability Index, the Government Mortgage Cred Availability Index, the Conforming Mortgage Cred Availability Index and the Jumbo Mortgage Credit Availability Index. It’s data is dated back to 2011.

Previously, MBA reported that in February 2016, mortgage credit availability remained unchanged, and that tightening in one MCAI was canceled out by loosening in others. 

Click to Enlarge


(Source: MBA) 

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