According to a new report from the Mortgage Bankers Association, U.S. mortgage credit availability decreased in April 2017, as represented in a dip in the Mortgage Credit Availability Index (MCAI).
The MCAI decreased 0.2 percent to 183.0 in April. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. Of the four component indices, the Conforming MCAI saw the greatest decrease in availability over the month (down 0.9 percent), followed by the Conventional MCAI (down 0.6 percent), and the Jumbo MCAI (down 0.4 percent). The Government MCAI was unchanged from last month.
"After some program changes early in the year and some merger activity among investors, credit availability held fairly steady in April with little discernable change in the composition of the supply of credit for government and jumbo programs," said Lynn Fisher, MBA's Vice President of Research and Economics. "Conforming credit availability has slipped a bit since the beginning of the year, with fewer program offerings along a range of credit characteristics and no particular culprit."
Existing homes sales in the U.S. have retreated in four of the past five months, but a new survey from the National Association of Realtors finds this slowdown is not because of a lack of confidence from consumers
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending September 1, 2017, U.S. mortgage applications increased 3.3 percent from one week earlier.
According to Zillow, nearly one in 20 residential ZIP codes in the U.S. meets the definition of a $1 Million Neighborhood, meaning at least 10 percent of the homes there are worth seven figures or more.
According to Freddie Mac's latest Primary Mortgage Market Survey for early August 2017, the 30-year fixed mortgage rate dropped to its lowest point in six weeks. After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week.