The Conventional MCAI increased by 2%, while the Government MCAI decreased by 0.1%. Within the Conventional MCAI, the Jumbo MCAI rose by 3.1%, reaching its highest level since August 2022. Meanwhile, the Conforming MCAI fell by 0.3%.
“The jumbo index increased to its highest level since August 2022, but the conforming and government indices continue to indicate tight credit conditions, driven mainly by reduced industry capacity,” Kan added.
The Government MCAI examines FHA, VA, and USDA loan programs, while the Conventional MCAI looks at non-government loan programs. The Jumbo and Conforming MCAIs are subsets of the Conventional MCAI, with the Jumbo MCAI focusing on conventional programs outside conforming loan limits, and the Conforming MCAI examining programs within those limits.
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In a separate report, MBA data showed changes in the share of total applications for different loan programs. The FHA’s share decreased to 12.5% from 13.1% the previous week, the VA’s share rose to 13.7% from 12.9%, and the USDA’s share increased slightly to 0.4%.
Source: mpamag.com