After coming in at its tightest in over a decade, residential lending credit loosened up marginally in March, thanks to greater offerings of jumbo and conventional products, according to the Mortgage Bankers Association.
The Mortgage Credit Availability Index, an MBA analysis of loan products on offer based on data from ICE Mortgage Technology, inched up to a reading of 100.5 in March, still near its 10-year low of 100.1 reported a month earlier. The index was benchmarked to 100 in March 2012, reflecting conditions in the aftermath of the Great Recession.
Credit availability has shrunk by almost 20% year-over-year from a score of 125.1 in March 2022.