According to the Mortgage Credit Availability Index, U.S. Mortgage credit availability increased in May 2018.
The MCAI increased 1.5 percent to 180.6 in May. 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. The Conventional MCAI increased (up 2.0 percent) and the Government MCAI increased (up 1.0 percent). Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 2.2 percent while the Conforming MCAI increased by 1.9 percent.
"The expansion of offerings across all loan types drove credit availability to its highest level in three months. In particular, the conventional index and jumbo index both rose to their highest levels since March 2011. This was mainly caused by increased investor interest in jumbo loans and high balance conforming loans," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting.
According to Freddie Mac's May 2018 Outlook Report, swift U.S. home-price growth and the ongoing climb in mortgage rates this year have made buying a home more expensive, but home sales are still on track to squeak out a gain in 2018.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates dipped for the second consecutive week of June 2018. 30-year fixed-rate mortgage declined two basis points to 4.54 percent.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates were unchanged over the past week in early May 2018. The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market.