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MBA: Mortgage credit tightens in September

Mortgage credit tightened in September as availability for government loans declined to the lowest level since July 2015, the Mortgage Bankers Association reported.

MBA’s composite index decreased by 0.8 percent to 182.1, an indicator of tightening credit. The index was benchmarked at 100 in March 2012, when credit was especially tight.

“Credit availability moved lower in September, as tightening in the government index offset an increase in conventional credit availability,” said Joel Kan, MBA associate vice president of economic and industry forecasting.

“The decline in government credit was driven by fewer streamline offerings as well as a decline in loan programs with lower credit requirements,” Kan said.  Meanwhile, access to jumbo credit eased for the fifth time in six months, and the availability of jumbo loans is at its highest level since MBA began tracking.

The conventional index increased by 1.2 percent, and the government index declined by 2.5 percent, MBA said. Of the component indices of the conventional index, the jumbo index increased by 2.7 percent while the conforming index decreased by 0.7 percent.


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