Access to jumbo mortgages increased nearly
6 percent in September, pulling the Mortgage Bankers Association’s (MBA’s)
Mortgage Credit Availability Index (MCAI) higher for the third straight month.
The index rose 1.5 percent to 125.6, its highest level since May. An increase
in the index indicates a loosening of credit standards. The index was benchmarked to 100 in March 2012. The Conventional MCAI increased 4.5 percent,
while the Government MCAI decreased 0.7 percent. Of the component indices of
the Conventional MCAI, the Jumbo MCAI was 5.8 percent higher, and the
Conforming MCAI rose by 2.6 percent. Joel Kan, MBA’s Associate Vice President of
Economic and Industry Forecasting said, “Last month’s expansion was driven by a
4.5 percent increase in the conventional index, while the government index
slightly decreased. Even with increases in seven out of nine months thus far in
2021, total credit availability is still around 30 percent less than it was in
February 2020 before the pandemic.”

 

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