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Mortgage credit tightens in February


Mortgage credit availability fell across the board in February, the Mortgage Bankers Association (MBA) said.

MBA’s credit availability index decreased by 1.2 percent to 180.7 in February, an indicator of credit tightening. The index was benchmarked at 100 in 2012, when mortgage credit was especially tight. The decline was driven by tightening in the conventional space.

The conventional loan index declined by 2.5 percent in the month. The index tracking government loans was down by just 20 basis points.

The jumbo loan index declined by 2.8 percent; and the conforming loan index by 2.1 percent. The jumbo and conforming loan indices are components of the general conventional loan index.  

“Credit availability fell in February by 1.2 percent, led downwards by a decline in conventional offerings,” said Lynn Fisher, MBA’s vice president of research and economics. “A change in program offerings from a single large investor in the conventional space was responsible for much of the net decline.” 


 

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