"Credit availability increased modestly in March to its highest level since August 2022, with growth across all loan types. Despite the increase, overall credit supply is still closer to the lower end of its historical range."
"Although March was volatile for mortgage rates and they moved higher over the month, there was growth in streamline refinance programs for lower credit score borrowers."
"The jumbo index increased for the third consecutive month, driven by greater availability of non-QM loan programs."
"The MCAI is the only standardized quantitative index focused solely on mortgage credit availability, calculated using several factors tied to borrower eligibility."
In March, the Government MCAI rose by 1.7%, leading monthly gains, while the Conventional MCAI increased by 0.6%. Credit availability reached its highest level since August 2022, with growth across all loan types. Despite higher mortgage rates, streamline refinance programs for lower credit score borrowers saw growth. The jumbo index increased for the third consecutive month due to more non-QM loan programs. The MCAI is a standardized index measuring mortgage credit availability based on borrower eligibility factors from over 95 lenders.
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