General World News

Mortgage credit drops to lowest level since September

Mortgage credit availability dipped 8.5% in June to 118.8 — indicating that lending standards are tightening, per the Mortgage Bankers Association’s Mortgage Credit Availability Index.

It’s the lowest MCAI level — which uses 100 as a benchmark — since September of 2020, and ends more than six months of increasing credit supply, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting.

“Mortgage credit has not recovered since the sharp downturn in the first half of 2020,” Kan said. “The reduction in credit availability came as a result of GSE policy changes — which reduced details ⇒

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