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ARM Programs Drive Slight Dip in Credit Access

Tuesday, December 8, 2015

Credit availability decreased in November for the first time since early summer.  The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) eased back 0.8 percent from its October level to 127.4 percent.  A decline in the index indicated that lending standards are tightening.  MBA said a reduction of adjustable rate mortgage programs (ARMs) were the main reason for the decrease in the index.

Three of the four component indices also declined.  The Conventional MCAI tightened the most, falling 2.0 percent over the month followed by the Conforming MCAI which was down 1.0 percent.  The Jumbo MCAI declined by 0.8 percent while the Government MCAI saw a very slight rise, up 0.1 percent over the month.

 

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