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Credit Access Remain Near Pandemic Prompted Lows

Mortgage credit access rose slightly in July but remains in the nether regions to which it dropped last fall in the wake of the pandemic. The Mortgage Bankers Association (MBA) says its Mortgage Credit Availability Index (MCAI) gained 0.3 percent to 119.1 in July. The index was at 181.9 in January of 2020 and had fallen to 118.6 by the following September. An increase in the MCAI indicates that lending standards are loosening while a lower number indicates tightening. The index was benchmarked at 100 in March 2012. The MCAI has four components. In September, the Conventional MCAI increased 0.8 percent, while the Government MCAI was unchanged. Of the component indices of the Conventional MCAI, the Jumbo MCAI rose 3.8 percent, and the Conforming MCAI fell by 3.2 percent.


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