Mortgage credit availability increased in March, according to the Mortgage Credit Availability Index (MCAI) a report from the Mortgage Bankers Association (MBA).
Last month, the MCAI inched up by 1.1% to 108.3; the index was benchmarked to 100 in March 2012.
The Conventional MCAI had a 0.6% uptick while the Government MCAI stepped up 1.7%. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 0.8% and the Conforming MCAI rose by 0.2 percent.
“Credit availability increased modestly in March to its highest level since August 2022, with growth across all loan types. Despite the increase, overall credit supply is still closer to the lower end of its historical range,” said Joel Kan, MBA’s vice president and deputy chief economist. “Although March was volatile for mortgage rates and they moved higher over the month, there was growth in streamline refinance programs for lower credit score borrowers. Additionally, the jumbo index increased for the third consecutive month, driven by greater availability of non-QM loan programs.”
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