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Credit Access Retreats Back to Six-Year Lows

Friday, July 10, 2020   /   by Erik Bjorklund

Credit Access Retreats Back to Six-Year Lows

Lenders, responding to increasing unemployment rates and other risks,
tightened lending standards in May, sending the Mortgage Bankers Association's
(MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index
dropped 3.1 percent to 129.3, the lowest level in six years. 
All four of the MCAI components moved lower, indicating tighter underwriting
standards. The Conventional MCAI decreased 5.7 percent, while the Government
MCAI decreased by 0.8 percent. Of the component indices of the Conventional
MCAI, the Jumbo MCAI decreased by 4.4 percent, and the Conforming MCAI fell by
6.9 percent.


...(read more)

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Orlando, FL 32804

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