Mortgage credit availability dropped in May, a consequence of soaring home prices and high rates that have stretched consumer budgets. Mortgage credit availability indexes measure how easy or difficult it is for a qualified borrower to get a mortgage. A drop in the index indicates that it’s become more difficult to qualify for a loan.
The Mortgage Bankers Association’s measure of credit availability fell 2.8% in May from a month earlier. The decline was driven by a decrease in the number of loans available to highly indebted borrowers and those with lower credit scores.
The MBA’s measure has fallen for four straight months and is now at its lowest level since 2014.
– The Mortgage Bankers Association’s measure of credit availability fell 2.8% in May from a month earlier
– The decline was driven by a decrease in the number of loans available to highly indebted borrowers and those with lower credit scores
– The MBA’s measure has fallen for four straight months and is now at its lowest level since 2014
You can read this full article at: https://www.housingwire.com/articles/the-monthly-mortgage-credit-availability-index-fell-by-3-1-to-96-5-last-month-according-to-the-mortgage-bankers-association/(subscription required)
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