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Mortgage credit availability was on the rise last month, according to new data from the Mortgage Bankers Association (MBA).

The trade group’s Mortgage Credit Availability Index (MCAI) rose by 1% to 95.0 in June; the index was benchmarked to 100 in March 2012. The Conventional MCAI increased 2.0% while the Government MCAI dipped by 0.1%. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 3.1%, and the Conforming MCAI fell by 0.3%.

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“Mortgage credit availability increased in June for the sixth consecutive month, as lenders expanded their offerings of cash-out refinance loan programs,” said Joel Kan, MBA’s vice president and deputy chief economist. “The recent growth in credit availability is encouraging, but the index is still hovering near 2012 lows. The jumbo index increased to its highest level since August 2022, but the conforming and government indices continue to indicate tight credit conditions, driven mainly by reduced industry capacity.”

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