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Credit Access Continues Slow but Steady Improvement

Tuesday, October 6, 2015

A loosening of access to GSE (Freddie Mac and Fannie Mae) loans in September, contributed to a slight increase in the Mortgage Credit Availability Index (MCAI.)  The Mortgage Bankers Association said that its index increased 0.3 percent in September to a reading of 126.5.  A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.  The index has risen steadily, except for a slight downturn in July, since October 2014.

The MCAI consists of four component indices. Of the four, the Conventional MCAI saw the greatest loosening, rising 1.1 percent over the month.  The Conforming MCAI was up 0.8 percent. The Jumbo MCAI was unchanged over the month and the Government MCAI decreased 0.2 percent.


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