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Sure, Rates Are Low, But It's Getting Harder to Get a Loan

Friday, July 10, 2020   /   by Erik Bjorklund

Sure, Rates Are Low, But It's Getting Harder to Get a Loan

Credit tightening is becoming more evident according
to the Mortgage Bankers Association (MBA). Its Mortgage Credit Availability
Index fell to a reading of 125.0 in June, a loss of 3.3 percent. A decline in
the index indicates stricter lending standards.

Joel Kan, MBA's Associate Vice President of Economic and Industry
Forecasting explained. "Mortgage credit supply dropped again in June, as
investors further reduced their willingness to purchase jumbo loans and those
with lower credit scores. Lenders are navigating a gradual economic and housing
market recovery that is still facing headwinds from the ongoing COVID-19
pandemic. The overall credit availability index decreased 3.3 percent to its
lowest level since April 2014, with all of the sub-indexes falling to lows not
seen since 2014-2015."

...(read more)

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