Mortgage lenders turn to stricter standards

“Credit availability has gradually trended higher since mid-2021 but remains around 30% tighter than it was in early 2020,” Kan said.

“There were also mixed trends for the various loan categories, as conventional loan credit availability increased for the second month in a row, while government credit supply decreased to its tightest level since February 2014. Additionally, jumbo credit expanded for the tenth time in the past 12 months but remained almost 40% lower than the pre-pandemic level.”

The Conventional MCAI posted a 0.3% uptick, while the Government MCAI dipped 1.6%. Of the component indices of the Conventional MCAI, the Jumbo MCAI grew by 1.5%, and the Conforming MCAI fell by 1.9%.