The
MCAI
for
conventional
loans
climbed
1.1%,
while
the
government
MCAI
was
unchanged.
Within
the
conventional
measure,
the
jumbo
MCAI
rose
1.6%,
while
the
conforming
MCAI
held
steady.

“Mortgage
credit
availability
increased
for
the
fifth
consecutive
month
to
its
highest
level
since
2022,
driven
by
a
growing
supply
of

ARM
and
cash-out
refinance
loan
programs,”
said

Joel
Kan,
MBA’s
vice
president
and
deputy
chief
economist.

“Most
of
these
loan
programs
still
require
lower
LTV
and
higher

credit
scores
to
qualify.
The
mortgage
rate
on
ARM
loans
is
averaging
almost
90
basis
points
lower
than
fixed-rate
loans,
so
they
remain
a
viable
option
for
borrowers
hoping
to
reduce
their
monthly
payments
or
utilize
some
of
their

home
equity.
With
the
growth
in
these
loan
categories,
the
conventional
and
jumbo
indexes
were
at
their
highest
levels
since
2020.”

The
conventional,
government,
conforming
and
jumbo
MCAIs
follow
the
same
methodology
as
the
overall
MCAI
but
track
different
loan
types.

The
government
MCAI
tracks Federal
Housing
Administration, U.S.
Department
of
Veterans
Affairs and U.S.
Department
of
Agriculture loan
programs,
while
the
conventional
MCAI
covers
nongovernment
loans
though
sources
like

Fannie
Mae
and

Freddie
Mac.

The
conforming
and
jumbo
indices
are
subsets
of
the
conventional
index,
reflecting
loans
within
and
above

conforming
limits.

The
conforming
and
jumbo
measurements
share
the
overall
MCAI’s
March
2012
base
level
of
100,
while
the
conventional
and
government
indices
use
adjusted
base
levels
to
better
align
with
that
benchmark.