Mortgage credit availability increased 0.5% in May compared to April, reaching an index score of 122.6 on the Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI).
The report analyzes data from Ellie Mae's AllRegs Market Clarity product.
The index includes four component indices covering conventional, conforming, government and jumbo loans. The Conventional MCAI and Conforming MCAI were both up 1.2%, compared to April. The Government MCAI was up 0.1% while the Jumbo MCAI was down 0.1%.
‘Credit availability eased somewhat in May, largely as a result of increased availability of cash out refinance loans and greater availability of Federal Housing Administration 203K home improvement loans,’ says Mike Fratantoni, chief economist for the MBA, in a release.
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