"Credit availability increased in March driven by increased availability of Jumbo loan programs and Government loan programs," said Lynn Fisher, MBA’s VP of Research and Economics.
Mortgage rates were down slightly while mortgage credit availability rates were up, according to a pair of new data reports. Freddie Mac stated that the 30-year fixed-rate mortgage (FRM) averaged 4.10 for the week ending May 9, down from last week when it averaged 4.14 percent.
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An increase in jumbo loans increased mortgage credit availability in May, a recent Mortgage Bankers Association report shows. The mortgage credit availability index (mcai) increased 1.14% from 113.8 in April to 115.1 in May. The increase reflects a loosening of credit. Mortgage-credit availability is the most it has been in more than three years, data show.
This growth in jumbos was consistent with credit availability trends captured in the MBA’s Mortgage credit availability index. chase adjusted its jumbo loan requirements to make the homebuying process. JPMorgan Chase. jumbo loans in hopes that more people in the high-end market will take advantage of home loans up to $3 million.
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Mortgage availability increased in January, bankers say, but while credit is tightening for most home buyers, lenders are loosening terms for jumbo loans. A jumbo mortgage exceeds what is known as the conforming loan limit set by government-subsidized housing finance giants Fannie Mae and Freddie Mac.
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WASHINGTON, D.C. (May 9, 2019) – Mortgage credit availability increased in April according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA.
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Credit Availability Climbs to Three-Month High in May. An increase availability of high balance loans helped drive the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) to a three-month high in May. MBA said the Index rose 1.5 percent to 180.6. An increase in the MCAI is indicative of loosening credit standards.
According to Mike Fratantoni, Chief Economist with the MBA: "Mortgage credit availability increased in August and has increased in eight of the last nine months. While much of the loosening has been for jumbo loan products, the availability of conforming conventional mortgage credit has also somewhat increased."