US Mortgage Credit Availability Increases in December

On Thursday, the Mortgage Bankers Association released its latest Mortgage Credit Availability Index (MCAI), showing an increase in mortgage credit availability in December.

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The MCAI increased 0.7% to a reading of 96.6 in December. MBA notes that a decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.

In December, the Conventional MCAI increased 1.3%, while the Government MCAI remained unchanged. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 2.3%, but the Conforming MCAI fell 0.7%.

Commenting on the report, MBA Vice President and Deputy Chief Economist Joel Kan said:

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“Credit availability increased slightly in December, driven by more offerings for ARMs and cash out refinances that are primarily for borrowers with better credit. These factors led to a slight rebound in conventional credit compared to the previous month. Additionally, the jumbo index rose to its highest level since August 2024.”

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