General World News

Mortgage credit availability hits a 10-year low

Mortgage credit availability dropped to its lowest level since 2013 in July as receding  origination volumes led to lower profitability for many lenders.

Simultaneously, liquidity concerns persisted for some jumbo lenders. As a result, many companies tried to reduce their operational costs by narrowing their loan product offerings, according to Joel Kan, Mortgage Bankers Association’s vice president and deputy chief economist.

The trade group’s monthly Mortgage Credit Availability Index fell by 0.3% to 96.3 last month. A decline of the index, benchmarked to 100 in March 2012, details ⇒

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