The association’s mortgage credit availability index (MCAI) rose to 177.8 last month. Of the MCAI’s four component indices, the government MCAI had the highest increase with 2.3%. The confirming MCAI was up by 0.1%. Meanwhile, the conventional MCAI declined by 2.2%, and the jumbo MCAI decreased by 4.4%.
"Credit availability loosened slightly in February, due to the net result of two countervailing movements,” said Lynn Fisher, MBA's vice president of research and economics. “The supply of credit increased as more investors offered affordable low-down-payment mortgages and streamlined-documentation loans guaranteed by the Federal Housing Administration and the Veterans Administration.
However, the impact of that increase on the overall index was partially offset by the first downturn in the availability of jumbo credit in a year due to the consolidation of some jumbo programs."
Morning Briefing: It was easier to get a mortgage in February
Mortgage credit eases in December
February saw an increase in mortgage credit availability, according to the Mortgage Bankers association.