Mortgage credit supply declined for the third month in a row as lending standards tightened, particularly with refinancing programs, putting supply at the lowest level since July 2021.
The Mortgage Credit Availability Index (MCAI), a metric from the Mortgage Bankers Association that analyzes data from ICE Mortgage Technology, fell by 0.9 percent in May to sit at 120.0, remaining more than 30 percent below pre-pandemic levels.
Esther Phillips, senior vice president, director of sales at Key Mortgage Services tells GlobeSt.com that Fannie and Freddie appear to have tightened up their automated underwriting approvals.
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