According to the Mortgage Bankers Association, U.S. mortgage credit availability decreased in May 2017.
The Mortgage Credit Availability Index (MCAI) decreased 1.1 percent to 181.0 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. Of the four component indices, the Government MCAI saw the greatest decrease in availability over the month (down 1.9 percent), followed by the Conforming MCAI (down 0.3 percent). The Conventional MCAI (up 0.2 percent) and the Jumbo MCAI (up 0.8 percent) both increased from last month.
"Credit availability slipped in May, primarily driven by investors consolidating their offerings for government insured loans," said Lynn Fisher, MBA's Vice President of Research and Economics. "These decreases were partially offset by continued expansion among jumbo loan programs. The Jumbo MCAI has increased in 13 of the last 15 months."