Based on a new report from the Mortgage Bankers Association, U.S. mortgage credit availability decreased in April according to their Mortgage Credit Availability Index (MCAI).
The MCAI decreased 0.89 percent to 122.4 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 Jumbo MCAI saw the greatest tightening (down 1.4 percent) over the month while the Conforming MCAI saw the most loosening (up 0.1 percent). The Conventional MCAI decreased 1.0 percent, while the Government MCAI decreased 0.7 percent over the month.
"Mortgage credit became less available in April as a result of two opposing trends, resulting in a net decrease to the index," said Lynn Fisher, MBA's Vice President of Research and Economics. "Investors continued to roll out Fannie Mae and Freddie Mac's low down payment loan programs, which had a loosening effect on credit availability. However, this was more than offset by tightening among high balance and jumbo loan programs."
According to the National Association of Realtors, pending home sales in the U.S. continued to ascend in June 2019, marking two consecutive months of growth. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge.
According to Transwestern Commercial Services' Second-Quarter 2019 New Jersey Industrial Market Report, the overall vacancy rate across the state has improved to an historical low of 3.6%, marking the fifth consecutive quarter of vacancy rates less than 4%.
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