Mortgage Credit Availability Index (MCAI)

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Mortgage Credit Availability Increases Slightly in June

Higher Index=More Credit Available
Lower Index=Less Credit Available

Mortgage credit availability increased in June, according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA), which analyzes data from the AllRegs® Market Clarity® product.

The MCAI increased 0.6 percent from 115.1 in May to 115.8 in June. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. The index was benchmarked to 100 in March 2012.

Mortgage credit loosened somewhat in June as a result of a slight net loosening in lender criteria regarding Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans with respect to minimum credit scores and maximum loan-to-value (LTV) ratios.

The MCAI also has an expanded historical series which gives perspective on credit availability going back 10 years.

The expanded historical series, which covers 2004 through 2010, was created to provide historical context to the current series by showing how credit availability has changed over the last 10 years - this includes the housing crisis and ensuing recession. Data prior to March 31, 2011, was generated using less frequent and less complete data measured at 6-month intervals and extrapolated in the months between for charting purposes.

MBA has partnered with AllRegs® to produce monthly MCAI, which feeds current mortgage underwriting parameters into a single index number to capture whether overall mortgage credit is more or less available from month to month.

The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit.

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MCAI What's New

Read about MBA's Mortgage Credit Availability Index in Seeking Alpha