Facebook Twitter Instagram
    Mortgage.info
    • First Time Homebuyer
    • Loan Programs
    • VA Programs
    • Refinancing
    • Beyond the Mortgage
    Mortgage.info
    Home»Home Buying»Increase in Mortgage Credit Availability Felt in July
    Home Buying

    Increase in Mortgage Credit Availability Felt in July

    CHamlerBy CHamlerAugust 14, 2017No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Mortgage Bankers Association (MBA) reported an increase in mortgage credit availability in the month of July. The Jumbo Mortgage Credit Availability Index (MCAI) showed the biggest increase among the component indices over the course of a month.

    The overall Mortgage Credit Availability Indexincreased by 0.3 percent last month. This brought the index up to 179.0. The increase in MCAI suggests that the lending standards are loosening. This increase was driven mainly by the increased availability of the conventional programs. This is according to MBA’s Research and Economics Vice President Lynn Fisher.

    >>Get Matched With a Lender by Clicking Here.>>

    Component Indices All Up, Except for Government MCAI

    All component indices also went up except for one. The Government MCIA component index fell down 0.6 percent from a month earlier. The Conventional MCIA was up 1.5 percent. Similarly, the Conforming MCAI increased, it is up 0.3 percent from June. The largest increase among the four was the Jumbo MCAI which was up 2.7 percent.

    The government MCAI looks at loan programs under the FHA, the VA, and the USDA. The Conventional MCAI studies non-government loans. The component indices show the credit availability or risks relative to each index.

    >>Looking for a mortgage loan? Click here.>>

    “Many agency eligible loan programs have been updated so that underwriting parameters for adjustable rate mortgages (ARMs) more closely align with their existing fixed rate counterparts. In many cases, this means higher loan to value (LTV) ratios on existing ARMs loan programs, which exerted an upward pressure on the MCAI,” Vice President Lynn Fisher said. “This change affected conforming loan programs as well as agency jumbo programs, which focus on loans in high-cost areas that exceed the baseline conforming loan limit of $424,000 but which are still eligible for purchase by the GSEs.”

    >>Check on Available Mortgage Loans by Clicking Here.>>

    CHamler
    + posts
    • CHamler
      https://mortgage.info/author/chamler/
      How Shortened Mortgages can Make Your Retirement Years More Pleasant
    • CHamler
      https://mortgage.info/author/chamler/
      Millennials aren't the ones with the Most Debts and Worst Scores. Guess Who?
    • CHamler
      https://mortgage.info/author/chamler/
      California's $1B Solar Project Targets Low-income Residents
    • CHamler
      https://mortgage.info/author/chamler/
      Mortgage Shopping: With too Many Good Choices, How Do You Know Which is Best?
    Conforming MCAI conventional MCIA government MCIA Jumbo MCAI lending standards Lynn Fisher MBA mortgage credit availability Mortgage Credit Availability Index Research and Economics
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    CHamler

    Related Posts

    6 Things You Should Never Do During the Mortgage Approval Process

    November 15, 2022

    Can you Have Two Primary Mortgage Loans Simultaneously?

    October 26, 2022

    What to Do if Your Home Loan Application Gets Denied

    September 16, 2021
    Mortgage.info
    © 2023 Mortgage.info Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.