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Credit tightens in August

Mortgage credit availability decreased slightly in August, the Mortgage Bankers Association (MBA) reported.

MBA’s index declined 0.4 percent to a level of 164.7, an indicator that credit tightened over the July level. Of the four components, loans with conforming loan balances saw the greatest tightening (down 0.9 percent),  followed by government loans (down 0.5 percent) and conventional loans (down 0.2 percent). Credit loosened for jumbo loans (up 0.5 percent).

The trade group noted that one mid-sized investor closed its correspondent channel, causing the indices to decline.  

MBA’s index is based on Ellie Mae data, and was benchmarked at 100 in March 2012, when credit was especially tight. 


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