The Mortgage Credit Availability Index (MCAI) rose slightly by 0.7% to 181.4 during the month. The index analyzes data from Ellie Mae’s AllRegs Market Clarity tool. A decline in the index would indicate tightening lending standards.
“Mortgage credit availability increased in September due to continuing updates to conforming loan programs as well as agency jumbo programs that have been phased in over the last few months,” said Lynn Fisher, MBA’s vice president of research and economics. “For the year to date, the supply of credit has increased only modestly in the non-jumbo space, while it has expanded significantly among jumbo programs.”
All of the index’s four component indices rose during the month. The conforming MCAI and the conventional MCAI both recorded the biggest increase in availability at 1.5%. The jumbo MCAI followed with a 1.4% increase, while the government MCAI posted an increase of 0.2%.
Credit standards loosen in August
Mortgage credit availability rises in July
Credit standards loosened further in September from August, according to a report from the Mortgage Bankers Association (MBA).