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Credit eases in January


Mortgage credit conditions eased to begin the year, the Mortgage Bankers Association (MBA) reported.

MBA’s mortgage credit availability increased 2.1 percent over the month to 182.9 in January, an indicator of loosening credit. Of the component indices, jumbo loans saw the greatest easing in the month (up 6.1 percent), followed by conventional loans (up 3.6 percent), conforming (up 1.1 percent) and government (0.9 percent).

“Credit availability increased across the board in January, more than reversing December declines in almost all component indices,” said Lynn Fisher, MBA’s vice president of Research and Economics.  “Jumbo credit programs rebounded most strongly and reached a new series high, driven by an increase in the number of programs with reduced documentation requirements,” Fisher continued. “In government lending programs, credit availability remains somewhat lower than the rest of 2017,” she said.

 The index was benchmarked at 100 in March 2012, when credit conditions were especially tight. 


 

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