According to the Mortgage Bankers Association's Mortgage Credit Availability Index ('MCAI'), U.S. mortgage credit availability increased in December 2016.
The MCAI increased 0.6 percent to 175.2 in December. 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 Jumbo MCAI saw the greatest increase in availability over the month (up 1.3 percent), followed by the Conventional MCAI (up 0.7 percent), the Government MCAI (up 0.6 percent), and the Conforming MCAI (up 0.04 percent).
"Credit availability was up for the fourth consecutive month in December driven by jumbo loan programs as well as loan programs for borrowers with lower credit scores and low down payments," said Lynn Fisher, MBA's Vice President of Research and Economics.
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.