The MBA's Mortgage Credit Availability Index (MCAI) fell by 0.5% to a reading of 98.5 in September, indicating a tightening in mortgage credit availability.
Joel Kan, MBA's vice president, noted that lenders remained cautious in the uncertain economic environment, contributing to the decrease in loan programs for cash-out refinances.
While conventional loans saw a notable 1.7% decline in MCAI, government loans experienced a slight uptick of 0.8%, highlighting differing trends in these segments.
Most component indexes of the conventional MCAI decreased, particularly the jumbo index, which fell by 2.6%, reflecting a broader tightening in the mortgage market.
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