Mortgage Credit Availability Decreased in June

Just add mortgage credit availability to the list of things down in June, according to the Mortgage Bankers Association Mortgage Credit Availability Index…(MBA)

• M-O-M: The MCA Index fell by 0.3%to 119.6 in June.

• Y-O-Y: The MCA Index was actually up 0.8% when compared to the same time last year.

Joel Kan, an MBA economist, said the month was mixed for credit availability….

• “Credit availability was mixed by loan type, with the conventional index up 1.2 percent and the government index down 1.7 percent…Although there was reduced supply of lower credit score, high LTV rate-term refinance programs, the decline was offset by increased offerings for conventional ARM and high balance loans”