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Mortgage Credit Availability Falls to 10-Year Low

Potential homebuyers have seen available credit for mortgages decline to the lowest level in 10 years. So reports CNN.

arrow 98577 1280The Mortgage Bankers Association said its monthly index, based on ICE Mortgage Technology data, slipped 0.3% to 96.3 in July, as low as it has been since 2013.

MBA’s deputy chief economist, Joel Kan, said that lenders cut underused loan initiatives, while jumbo loan lenders faced liquidity issues.

Read the full article from CNN.

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