Available 7 Days/Week       MON - FRI  8am - 7pm       SAT - SUN  10am – 6pm
Call us (888) 259-2257
Apply Now

Credit Loosens as New Refi Programs Come on Line

Higher interest rates pushed refinancing lower in August and lenders moved to generate more origination activity. That, in part, led to an increase in overall credit access. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) gained 3.9 percent to 123.7 during the month. An increase in the index indicates credit is loosening.

The Conventional MCAI increased 7.6 percent, while the Government MCAI grew 1.1 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI was up 9.4 percent, and the Conforming MCAI rose by 5.1 percent.

“Credit availability increased in August, driven by significant activity across all indexes,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “This expansion was heavily driven by the addition of refinance loan programs at a time when the 30-year fixed rate has been above 3 percent for the past month, and refinance activity has trended lower.

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Fidelity Home Group | Mortgage News | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, #mortgagerates #mortgagenews # mortgage

   


Copyright © 2022 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties in the state of New York will be accepted through this site. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile PolicyFair Lending Policy  |  File a Complaint Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use