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Mortgage credit tightens in August

Mortgage credit tightened marginally in August for the first time in four months, the Mortgage Bankers Association (MBA) reported.

MBA’s credit availability index declined by 30 basis points to 183.5. The drop was due to a reduction in available jumbo loan programs.

"Overall credit availability saw a slight decrease in August, for the first time in four months, as the jumbo index retreated from its record high in July," said Joel Kan, MBA associate vice president of economic and industry forecasting.

“The decline in jumbo credit availability was offset partially by an increase in the conforming index, which increased over the month due to the addition of low down payment programs," Kan said.   

MBA’s conventional index decreased by 90 basis points, and the government loan index increased by 10 basis points. Of the component indices of the conventional index, the jumbo increase decreased by 2.1 percent while the conforming index increased by 80 basis points.   


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