The availability of mortgage loans decreased in September, according to the latest Mortgage Bankers Association (MBA) analysis of ICE Mortgage Technology data.
MBA’s Mortgage Credit Availability Index (MCAI) fell 0.5% to a reading of 98.5 in September. The MCAI for conventional loans decreased by 1.7%, while the corresponding index for government loans increased by 0.8%. In the general MCAI index components, the jumbo index decreased by 2.6% and the corresponding index remained unchanged.
“Mortgage availability strengthened slightly in September as lenders remain cautious in this uncertain economic environment,” said Joel Kan, MBA vice president and deputy chief economist, in a statement.
“There has been a decrease in loan programs for cash loans, jumbo and non-QM loans, including loans that require complete sub-documents. Most sector indexes fell in the month, but the government index increased, driven by additional contributions to VA streamline refinances. “
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