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Mortgage credit eases in October


Mortgage credit loosened in October as conventional loans with low downpayments became more readily available for first-time buyers, the Mortgage Bankers Association (MBA) reported.

"Reversing a trend from last month, lenders made more conventional and low downpayment programs available to prospective borrowers,” said Joel Kan, MBA associate vice president of economic and industry forecasts.

“This increase in supply was likely in response to a growing number of first-time homebuyers in the market, as home price appreciation has slowed and wage growth has picked up,” Kan added. He also noted that access to jumbo credit continues to expand. The jumbo index increased to a survey high.

MBA’s credit availability index increased by 2.5 percent to 186.7 in October. The index was benchmarked at 100 in 2012, when credit was especially tight.

The conventional index rose by 5.5 percent, but the government index declined by 0.4 percent. Of the component indices of the conventional index, the jumbo index was up 6.3 percent and the conforming index rose by 4.6 percent, MBA reported. 


 

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