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Tag Archives: Credit Availability

Mortgage Credit Accessibility Increases in December

Mortgage credit became a little more accessible in December, according to the monthly Mortgage Credit Availability Index from the Mortgage Bankers Association (MBA). The index score for December is 110.9, up 0.6 percent from a reading of 110.2 in November. The index has been hovering around the 110 mark for the past several months, fluctuating slightly with a decrease in November after an increase in October and two straight months of declines in August and September.

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Realtors Confident in Housing Despite Credit Concerns

Confidence in housing among the Realtor crowd increased slightly in November, though concerns about credit availability continue to temper that optimism. A survey from the National Association of Realtors (NAR) shows that among who reported transactions in November but ultimately did not close a sale, 9 percent said the homebuyer could not obtain financing, and of those, 6 percent reported the buyer gave up on purchasing the home. If lenders returned to "normal" credit standards, NAR says as many as 500,000 more sales could occur.

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Consumer Apprehension Presents Barrier to Housing Momentum

An increasingly cautious outlook for the economy has put a crimp in the housing market's forward momentum, according to Fannie Mae's latest National Housing Survey. Doug Duncan, SVP and chief economist at Fannie Mae, said: "We continue to see caution as the defining feature of Americans' attitudes toward the economy and their personal financial situation. In this environment, the housing recovery is likely to improve, but only at a gradual pace."

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Zillow Predicts Easier Credit Access, Lower Homeownership

Zillow expects conditions next year to be a bit friendlier to homebuyers--but that doesn't mean we'll necessarily see more owner-occupied housing, experts at the real estate marketplace say. Looking at ongoing trends, Zillow made four major predictions about the course of housing over 2014: a 3 percent increase in home values, a rise in mortgage rates to 5 percent, a clearer road to credit for borrowers, and a decline in homeownership to normal levels.

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Mortgage Credit Availability Expands Slightly

The Mortgage Bankers Association's (MBA) latest analysis of underwriting criteria shows mortgage credit availability opened up in October. MBA's Mortgage Credit Availability Index (MCAI) increased 0.7 percent last month to 111.5, putting a stop to declines recorded in the previous two months. According to the association, October's gain reflects a reduction in minimum credit scores by investors on certain products; that was offset slightly by other investors reducing the availability of cash-out refinances and limiting other programs.

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