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Mortgage Credit Availability Plummeted in March

Mortgage News > Mortgage Credit Availability Plummeted in March
Date: 04/14/2020    Mortgage Credit Availability Plummeted in March

Home loans were much harder to obtain in March, according to the Mortgage Bankers Association. In fact, credit availability fell to its lowest level in almost five years, with the MBA’s Mortgage Credit Availability Index plunging 16.1% to 152.1 last month. Conforming (non-government-backed) loan credit fell by 24.2%, but jumbo loan credit tightened the most with a 36.9% decline in availability. Conventional loans backed by Fannie Mae or Freddie Mac declined just 2.7% in credit availability while FHA and VA loans experienced a 6.6% decrease.

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