Mortgage Credit Availability Decreases in March

Mortgage Bankers Association press release ------- Mortgage credit availability decreased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae's AllRegs® Market Clarity® business information tool. The MCAI decreased 1.5 percent to 177.9 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. The Government MCAI fell by more (down 2.1 percent) than the Conventional MCAI (down 0.8 percent). The component indices of the Conventional MCAI both decreased from the month prior, with the Conforming MCAI falling by more (down 0.8 percent) than the Jumbo MCAI (down 0.7 percent). To learn more click on the picture below to read the release.