U.S. Mortgage Credit Availability Increased in June
The MCAI rose 0.2 percent to 189.8 in June. 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 0.3 percent, while the Government MCAI decreased slightly (0.1 percent). Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 0.6 percent, and the Conforming MCAI fell by 0.1 percent.
"Overall credit availability increased only slightly in June over May's levels. Jumbo credit availability increased for the sixth month in a row and is at its highest level since 2011, when the survey began," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "Credit availability has generally increased in 2019 as lenders have worked to meet affordability challenges. Because mortgage rates have recently fallen and home price growth has decelerated in many markets, credit availability may stabilize at its current levels."
According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending June 28, 2019, mortgage applications decreased 0.1 percent from one week earlier.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates stabilized in early July 2019, after trading within a narrow range over the last month.
The U.S. real estate industry is giving President Trump rave reviews for signing his new Housing Affordability Executive Order this week.
According to a new report from The American Institute of Architects (AIA), demand for design services in May 2019 remained essentially flat in comparison to the previous month. AIA's Architecture Billings Index (ABI) score for May 2019 showed a small increase in design services.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending May 31, 2019, U.S. mortgage applications increased 1.5 percent from one week earlier. This week's results included an adjustment for the Memorial Day holiday.
U.S. independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net gain of $285 on each loan they originated in the first quarter of 2019.
Comment with
Copyright 2010 - 2019 WORLD PROPERTY JOURNAL, INC. All Rights Reserved.