Availability of conventional loans dropped 0.3%, while government mortgage credit supply remained unchanged. Of the component indices of the conventional index, the jumbo MCAI posted a 0.4% decrease, and the conforming MCAI stayed the same.
Source: Mortgage Bankers Association; Powered by ICE Mortgage Technology
“As mortgage rates declined over the past month, the share of adjustable-rate mortgages has fallen – consistent with a slight pullback in ARM offerings in this month’s results,” Kan said. “However, there has been a revival in mortgage application activity over the past month, and our forecast is for rates to continue to decline and housing activity – including home sales and new home construction – to gradually pick up as we approach the spring homebuying season. These developments could potentially change the credit availability landscape in the months ahead.”
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