“Credit availability declined in December to the lowest level since 2012, as ongoing industry consolidation is resulting in more loan programs being removed from the marketplace,” said Joel Kan, MBA’s VP and Deputy Chief Economist.
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The MBA reports that lenders nationwide marginally increased their loan offerings to meet the changing needs of borrowers in the face of ongoing mortgage rates above the 7% mark.
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For the first time in nine months, the MBA reports that mortgage credit availability increased in November, driven by a spike in the interest of ARM loans amid a declining rate environment.
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