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Mortgage credit availability dips slightly in September
The Mortgage Credit Availability Index fell 0.2% to 107.1, as lenders tightened documentation and cut back cash-out refinance and investor loan offerings.
Mortgage credit availability edged lower in September, according to the Mortgage Bankers Association data compiled by HousingWire. The Mortgage Credit Availability Index fell 0.2% to 107.1, signaling slightly tighter lending standards.
HousingWire reported that conventional mortgage credit availability declined more than the overall index, dropping 0.4% in September. Within that measure, jumbo credit availability fell 0.3%, while the Government MCAI was unchanged.
Lenders also adjusted loan offerings during the month, HousingWire said, reducing cash-out refinance and investor loan products. The report attributed the shift to tighter documentation requirements on conventional loans.
Among the Conventional MCAI components, HousingWire noted that jumbo posted its second consecutive monthly decline, and the conforming MCAI fell 0.2%.