WRE NEWS
Mortgage credit availability increased in February, according to data from the Mortgage Bankers Association (MBA).
The MBA’s Mortgage Credit Availability Index (MCAI) inched up by 1.4% last month to 100.4; the index was benchmarked to 100 in March 2012. The Conventional MCAI increased 1.3% while the Government MCAI increased by 1.4%.
For the component indices of the Conventional MCAI, the Jumbo MCAI was up by 1.9% while the Conforming MCAI remained unchanged from January.
“Mortgage credit availability in February increased for the third consecutive month to its highest level since March 2023,” said Joel Kan, MBA’s vice president and deputy chief economist. “Both conventional and government credit supply expanded over the month. The conventional index reached its highest level since June 2022. The growth in credit supply was driven by greater investor appetite for ARM and cashout refinance loans. Similar to what we have seen in recent months, the growth of non-QM loan programs pushed the jumbo index higher over the month.”