There was a significant loss of credit access
in June. The Mortgage Bankers Association (MBA) says its Mortgage Credit Availability Index (MCAI) fell
by 8.5 percent month-over-month to 118.8, its lowest level in nine months. A
decline in the MCAI indicates that lending standards are tightening, while
increases in the index are indicative of loosening credit. All of the MCAI components moved lower. The
Conventional MCAI decreased 17.1 percent, while the Government MCAI ticked down
1.4 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI
declined 11.5 percent, and the Conforming MCAI fell by 23.5 percent.