“Credit availability declined in December to the lowest level since 2012, as ongoing industry consolidation is resulting in more loan programs being removed from the marketplace,” said Joel Kan, MBA’s vice president and deputy chief economist.
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Breaking down the index, the Conventional MCAI decreased by 3.2%, while the Government MCAI experienced a more significant drop of 5.9%. Further detailing the conventional segment, the Jumbo MCAI decreased by 1.7%, and the Conforming MCAI fell by 5.9%.
“Both conventional and government indices experienced a decrease,” Kan said in the report. “The decrease in the government index was driven by lower investor demand for renovation loans and streamline refinance loans.”
Source: mpamag.com