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Conventional Loan Access Expanded in April

Posted To: MND NewsWire

Access to mortgage financing improved in April, driven by a large gain in the availability of both conforming and jumbo mortgages. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) rose 2.2 percent to 128.1 during the month. An increase in the MCAI indicates that lending standards are loosening. The Conventional MCAI increased 4.8 percent , while the Government MCAI ticked up by 0.1 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased 6.9 percent, and the Conforming MCAI rose 12.6 percent. “Credit availability rose in April, fueled by a 5 percent increase in conventional mortgage credit, as well as an expansion in agency programs for ARMs and high-balance loans. The conforming and jumbo loan indices jumped 7 percent and…(read more)

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