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Mortgage credit loosens in August

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

MBA’s mortgage credit availability index increased 0.7 percent to 180.2 in August. Of the four component indices, the conforming index (up 1.6 percent over the July level) saw the greatest easing; followed by conventional loans (up 1.5 percent); jumbo loans (up 1.4 percent); and government loans (up 0.1 percent).

Increases in the index suggest that credit is loosening. The index was benchmarked to 100 in March 2012, when credit conditions were especially tight.

"Mortgage credit availability increased slightly in August, driven by the expansion of credit among conforming and agency jumbo programs," said Lynn Fisher, MBA’s vice president of research and economics. "Following the same pattern as last month, agency eligible adjustable-rate mortgage loan programs continued to be updated in August to allow for higher loan-to-value ratios, effectively increasing the availability of credit."  


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