Credit Availability Falls To Lowest Point Since 2013
Mortgage credit availability dropped to its lowest level since March 2013 in September, according to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). The MCAI fell by 5.4% to a reading of 102.5 last month. This is the seventh straight month of tightening lending standards. The Conventional MCAI fell 4.9%. Its component indices also declined, with the Jumbo down 5.8% and the Conforming down 3.6%. The Government MCAI also dropped by 5.8%. This index has fallen in seven of the last eight months, and is now its lowest point since April 2013. Most of these indices have fallen to their lowest levels in more than a year. “With the likelihood of a weakening economy, which would lead to…